Dealing Desk Update: Precious Metals re-assert their safe haven status but canny investors wait it out

As the gold price rose amid safe haven buying from the tension in Ukraine, GoldMoney customers waited out the rush with the bulk of precious metal purchases occurring after the main market moves.

Head of Dealing at the online precious metals trader, Roland Khounlivong, said: 'Our customers have been paying attention to prices and timing their purchases, with big orders coming in after Russia withdrew the imminent military threat from Ukraine.
'That's not to say the tensions didn't have an impact. Buy orders, particularly for gold are up. Our Brink's vault in Toronto, Canada and Malca-Amit in Singapore were the main beneficiaries reflecting the desire to place metals away from the potential jurisidiction risk area.

'Whilst the situation in Ukraine and Crimea remains a potential catalyst, the main driver was poor economic data from the US with a slower than expected growth in productivity, and likewise the worse than expected US ADP National Employment Report.

'Gold's rise has extended its price ratio lead on silver, with silver still relatively cheap in comparison to the yellow metal. Since mid-January, GoldMoney has seen a bullish trend in its customer trading.'

GoldMoney has more than 22,000 customers, and stores $1.5bn of precious metals for its customers worldwide.
16:00 06/03/14: Week on week prices: Gold rose 0.9% to $1,345.20; Silver only just showed positive up 0.1% to $21.32; Platinum gained 2.2% at $1,479.49 with Palladium, adding 4.6% to $774.94.

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NOTES TO EDITOR

For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email [email protected]

GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.

GoldMoney has offices in London, Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.

Historically gold has been an excellent way to preserve purchasing power over long periods of time. For example, today it takes almost the same amount of gold to buy a barrel of crude oil as it did 60 years ago which is in stark contrast to the price of oil in terms of national currencies such as the US dollar.

GoldMoney is regulated by the Jersey Financial Services Commission and complies with Jersey's anti-money laundering laws and regulations. GoldMoney has established industry-leading governance policies and procedures to protect customers' assets with independent audit reporting every 3 months by two leading audit firms.

Visit www.goldmoney.com.

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