Dealing Desk: Gold back in favour, but silver out-shines

Mar 19, 2015·Kelly-Ann Kearsey

After a hesitant week ahead of the Federal Reserve Open Market Committee minutes being released, gold saw a flurry of interest today.

Gold in Favour
Gold prices edged lower Tuesday ahead of Janet Yellen's much anticipated comments, says Kelly-Ann Kearsey, Dealing Manager at GoldMoney. 'Our customers were definitely sitting on the sidelines with customer activity at a real low just ahead of the release. The message was that the Federal Open Market Committee (FOMC) still wants to prime the markets for a hike, but it is taking a more dovish stance which has been enough to send our customers back to gold buying, as both gold and oil prices saw a quick rebound and the dollar dipped.'

Gross Orders (Buy + Sell) : Volume per day (in USD)

Gold and Silver Chart

But... Silver outshines
It has not been a clear cut preference though, Kelly-Ann says, 'While there have been more buyers of gold, there have been larger orders for silver which has been reflected in a slight improvement in silver's ratio against the yellow metal. Nevertheless, silver still remains relatively cheap compared to gold. It will be interesting to see if this week's return to silver will be maintained.'

Platinum plummet
Meanwhile, platinum has fallen 8% since the start of the year and still remains below the gold price. 'We have seen more buying across all our metals, including some interest in platinum.' Says Kelly-Ann, 'However the demand fundamentals for platinum, with a reduction in diesel car manufacturing in Europe, seem to be against it from the industrial point of view, and it will remain to be seen where the metal heads longer term.'

Eastern promise
The two Singapore vaults have seen the most buying interest again this week, with Canada coming in third. The Canadian vault has seen more buying going into it in the last few weeks. 'The shift of precious metals to the eastern vaults has been ongoing for some time, and we are unlikely to see this changing.' Says Kelly-Ann.

What next?
Today is the final day of the London Gold Fix, with tomorrow (Friday) the start of the electronic London Bullion Market Association Gold Price. 'While this is unlikely to affect customer activity,' says Kelly-Ann, 'It will provide market commentators with some interest. Meanwhile, for our customers, there is more US data out next week which will give further direction to the market and indication of when those US rates might rise. The chart below gives an interesting indication of how our GoldMoney customers react compared to market prices.'

Net USD Gold Orders per day vs Gold Daily Performance

Gold Order ChartWeek on week price performances
19/03/15 16:00. Gold up 1.7% to $1,170.52, Silver up 3.8% to $16.10, Platinum up 0.5% to $1,119.15 and Palladium down 2.3% to $767.25.


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