Dealing Desk Update: GoldMoney customers profit take as investor eyes turn elsewhereApr 3, 2014·Roland Khounlivong
It may have been Platinum and Palladium's week in terms of performance, but individual precious metal investors such as GoldMoney customers haven't bought into the rise.
Head of Dealing at the online trader, Roland Khounlivong, said: 'Individual investors such as our customers are more interested in the liquidity of gold and silver. We have seen some of our High Net Worth customers taking advantage of the rebound in gold and silver prices to profit take as the reduction in geopolitical risks turns attention away from gold's safe haven qualities.
'Interestingly, whilst in terms of value more gold has been sold than bought this week through large investor profit taking, there were in fact more individuals buying the yellow metal than selling it. Those who did buy have continued the trend of physical metal moving from the west to the east and are tending to place their orders in our Malca-Amit vault in Singapore and remove holdings from Switzerland in particular.
'Over the next week there aren't any significant bullish drivers on the horizon for the precious metals market. Tomorrow's March US Employment Report might give some direction, and next week the FOMC meeting and China's Inflation release may also have an impact.'
GoldMoney has more than 22,000 customers, and stores $1.4bn of precious metals for its customers worldwide.
16:00 03/04/14: Week on week prices: Gold fell 0.7% to $1,285.86; Silver gained just 0.8% to $19.85; Platinum rose 3.1% to $1,435.50 while Palladium, made the most gain of 3.7%to $787.22.
NOTES TO EDITOR
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