Dealing Desk: Gold Continues to Shine in Uncertain Times

Apr 21, 2017·Rachel Stonier

Goldmoney Wealth clients have been net selling all precious metals this week, with gold being the most actively traded. Clients have preferred vaults in London and Singapore, and have shown less preference for the Zurich, Hong Kong, and Toronto vaults.

Gold posted gains and held ground for its highest finish in five months at above $1,293 on Easter Monday, as enduring tension between the U.S. and North Korea weighed heavily on the U.S dollar.

Political unrest continued to drive uncertainty elsewhere; the first round of French elections takes place on Sunday and there is mounting concern eurosceptics will advance in the polls, while British Prime Minister Theresa May’s call for a snap general election saw the pound hit a six-and-a-half month high on Tuesday and the U.S. dollar continued to weaken. Gold experienced a choppy trading session and drifted to a weekly low of $1,278 before rising back up to $1,292.The U.S. equity markets are currently displaying a lack of direction, and weaker-than-expected jobs data has brought about concerns over the sustainability of the current business cycle. As conditions become increasingly ambiguous, gold may find its shine in filling the vacuum of uncertainty.

Global headlines have affected other precious metal prices, and the market seems caught between safe-haven buying and technical selling. Silver moved from a five-week high of $18.63 to a one-week low of $18.08 as it failed to find much buying interest. Palladium bulls took a pause as March auto sales data from China and the U.S. came in below market expectations, while platinum moved between a weekly low of $967 and a six-week high of in excess of $990. Precious metals prices have remained relatively flat with the exception of silver. Gold was down by 0.1%, platinum was up 0.6%, palladium posted a gain of 0.7%, and silver fell by 2.3%

20/04/17 16:00 – Gold: $1,283.40; Silver: $18.07; Platinum: $978.68; Palladium: $803.62. Gold/Silver Ratio: 71.03.

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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.
Goldmoney currently has over 25,000 customers worldwide and holds over $1.6 billion of precious metals in its partner vaults.
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