Dealing Desk Update: Could there be a Platinum rush?Jan 24, 2014·Roland Khounlivong
This week has seen some large sell orders among gold and silver customers of GoldMoney looking to cash in their profit; but with more small buyers entering the market, the online precious metals platform has still recorded more buyers than sellers in the week with an 80% rise in gross trading volumes compared to last week. The net flow of precious metals out of GoldMoney's western vaults to their eastern locations has also continued.
Commenting on the threatened platinum mine strikes in South Africa, GoldMoney's Head of Dealing, Roland Khounlivong said: 'The news hasn't had a big effect on the precious metals market so far, with platinum only around $30 up on this time last week; but this may be just the start. There are clearly some who think it will restrict supply and increase prices because we have seen a significant buy order for platinum this week for storage in our Via Mat Hong Kong vault. It will be interesting to see if more investors decide to take this stance.
'Today's gold price rise has been less to do with news of the potential easing of gold import restrictions in India, and more to do with the disappointing manufacturing figures from China and the weakening of the US dollar. Next week there will be some important figures coming out of the US and Euro zone, and that could have a further impact on prices.'
Prices at 1600, 23/01/14: Gold up 0.1% on the day at US$1,259.10, Silver down 1.6% at $20.09, Platinum flat at $1,456.06 and Palladium off 0.3% to $740.12.
NOTES TO EDITOR
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