Dealing Desk Update: Some profit-taking, but more buyers than sellersJan 9, 2014·Roland Khounlivong
It has been a relatively quiet week, but British based precious metals' trading company, GoldMoney reports there have been far more buyers than sellers as the market sentiment remains undecided on where prices are going.
Gold and Silver suffered the most with silver down 3.1% on the week to Thursday at $19.45, gold off 1.1% to $1,226.44 while Palladium gained 1.4% to $736.5 and Platinum nudged up 0.8% to $1,413.03.
GoldMoney's Head of Dealing, Roland Khounlivong said: 'We had some large sell orders from a few individuals who are profit taking at this stage, but in terms of the number of buyers vs sellers, there have definitely been more customers increasing their precious metal holdings than selling.
'As the silver price has slipped, we've also seen more buy interest for silver, and until the gold/silver ratio improves to around 55 to 60, I expect that this will continue.
'The positive economic data coming out of the US and the Eurozone is tempting some to profit take now, but the market is undecided with memories of 2009 and the resulting events still too fresh. We will keep a close eye on the US employment report out tomorrow, and US and Eurozone inflation figures out next week, which might give some further indication of where prices might head this year.'
NOTES TO EDITOR
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