Dealing Desk: May you hold the cup?

This week, clients have been net buying gold whilst net selling silver, platinum, and palladium.

GoldMoney’s clients have favoured Hong Kong and Singapore vaults this week with less preference being shown for the London and Swiss vaults. This is fairly typical with gold as, when the price retreats, our Asian-based clients tend to take advantage of a price discount to accumulate more metal.

Geoffroy Buffetrille, Dealing Manager at GoldMoney also added that, while GoldMan Sachs has closed its "Short Gold" Recommendation with 4.5% Loss, JP Morgan sees 1,400 USD as a new target. Macroeconomics clearly favour gold at the moment; on one hand, central banks are stuck with low growth and de facto cannot increase their interest rates and, on the other hand, if growth was to kick in, it would lift the demand on commodities.

With regard to the gold price action, another "cup and handle" has been drawn when looking at the daily chart, which is considered as a bullish pattern by chartist. But the second pattern has a smaller size, indicating that the push has slightly less steam.

Platinum Prices also hit a 10-month high when it reached over $1,080/oz during on Tuesday 3 May, a price which has not been seen since July 2015.

12/05/16 16:00. Gold lost -0.3% to $1,272.4, Silver slightly lower -0.3% to $17.3, Platinum just increased 0.1% to $1,060.1 and Palladium gained 0.6% to $602.2 Gold/Silver ratio: 73.54

NOTES TO EDITOR
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GoldMoney
GoldMoney is one of the world’s leading providers of physical gold, silver, platinum and palladium for private and corporate customers, allowing users to buy precious metals online. The easy to use website makes investing in gold and other precious metals accessible 24/7.

Through GoldMoney’s non-bank vault operators, physical precious metals can be stored worldwide, outside of the banking system in the UK, Switzerland, Hong Kong, Singapore and Canada. GoldMoney partners with Brink’s, Loomis International (formerly Via Mat), Malca-Amit, G4S and Rhenus Logistics. Storage fees are highly competitive and there is also the option of having metal delivered.

GoldMoney currently has over 20,000 customers worldwide and holds over $1billion of precious metals in its partner vaults.

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