Dealing Desk: Focus Shifts Away from Metals as Dow Chases 20K

Dec 23, 2016·Rachel Stonier

Goldmoney Wealth clients have been net selling this past week, while profitable sales in gold and silver lock in gains.

Clients have preferred vaults in Switzerland, Singapore, and London, and have shown less preference for the Toronto and Hong Kong vaults.

Gold opened the week at $1,132 as the U.S. dollar rallied to a 14-year high and 10-year U.S. treasury yields hit their highest in more than two years; U.S. dollar index strength continued as gold dropped to a low of $1,125, then rebounded to maintain at $1,131. Silver started the week at $16.02 before falling to an 8-month low of $15.61, while palladium declined to a 6-week low of $656.49.

“Increased demand for gold post-Brexit has since slowed due to newfound optimism in the U.S. government’s ability to stimulate global growth and reflation,” said Rachel Stonier, dealing manager at Goldmoney Wealth. “Much of this optimism stems from the belief that U.S. President-elect Donald Trump will kickstart the economy through infrastructure spending, though investors could once again seek protection in gold should Trump fail to meet the market’s expectations following his inauguration.”

With the exception of palladium, most precious metals maintained week over week: Gold increased by 0.5% and platinum gained 1.2%, while silver declined by 0.9% and palladium posted the largest movement, suffering a 7.3% loss. The gold to silver ratio increased to 71.15.

22/12/16 16:00 – Gold: $1,132.72; Silver: $15.92; Platinum: $917.91; Palladium: $660.31. Gold/Silver Ratio: 71.15.

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Goldmoney is one of the world’s leading providers of physical gold, silver, platinum and palladium for private and corporate customers, allowing users to buy precious metals online. The easy to use website makes investing in gold and other precious metals accessible 24/7.
Through Goldmoney’s non-bank vault operators, physical precious metals can be stored worldwide, outside of the banking system in the UK, Switzerland, Hong Kong, Singapore and Canada. Goldmoney partners with Brink’s, Loomis International (formerly Via Mat), Malca-Amit, G4S and Rhenus Logistics. Storage fees are highly competitive and there is also the option of having metal delivered.
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