Dealing Desk: Palladium’s the winner in another week of geo-political tensionAug 14, 2014·Kelly-Ann Kearsey
Although it's been relatively quiet due to the holiday season, palladium has been the winner this week, while for GoldMoney customers, silver has also outshone its glittering yellow cousin.
Dealing Manager at the online precious metals trader, Kelly-Ann Kearsey, said: "Activity has been as you'd expect for this time of year, although it's picked up on last week and we've still got more buyers than sellers. Among our customers we've seen some significant silver purchases which have gone into the eastern vaults, most particularly Hong Kong, but muted interest for gold."
Geo-political concerns are undoubtedly one of the major influencers on the market at the moment. Despite the strength of the dollar the concerns have supported the gold price at the 1300 level.
"Platinum has slipped slightly, possibly as the South African mines come back on line and worries over stock levels recede. However Palladium has risen more than 4% in the week and this has been reflected by our customers" who have been net buyers of Palladium, but net sellers in Platinum. The tensions with one of the world's largest producers, Russia, including the increasing trade sanctions, could be behind its buying spree.
"Next week we have the Federal Reserve's Open Market Committee meeting, but there's not expected to be any major surprises to have much if any effect on the precious metals prices."
16:00 14/08/14: Week on week performance: Gold up 0.5% to $1,312.76; Silver fell 0.1% to $19.89; Platinum lost 0.7% to $1,458.10 while Palladium jumped 4.1% to $882.50.
NOTES TO EDITOR
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