Dealing Desk: Gold’s Safe-Haven Appeal Dulled by Abated Market Fears

Jun 15, 2017·Rachel Stonier

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

Gold declined this week as the U.S. dollar strengthened and the equity markets breathed a sigh of relief. James Comey’s testimony allayed market fears, the ECB decided to leave their benchmark rate unchanged and hinted at the possibility of extending the asset purchase program in the future, while Brexit is still set to commence on June 19 due to the result of the U.K. General Election.

Gold started the week at $1,270 and gradually declined until weaker-than-expected retail and CPI data released by the U.S. pushed the metal to $1,281; however, gold then fell to $1,253 due to the hawkish tone of the FOMC following its rate hike.

Silver also had a tumultuous week; the metal started at $17.27, declined, rose to $17.37 following the U.S. economic data release, and then dropped to $16.65. Platinum hit a ceiling at around $950 before falling by $30, while the Palladium market experienced illiquid and tight trading conditions. The metal reached $856 before spiking to a 16-year high of $915 before dropping by $30.

With the exception of palladium, which gained 2.4%, precious metals were down this week: platinum fell by 3.0%, gold dropped by 2.9%, and silver posted the largest loss at 5.1%.

14/06/17 16:00 – Gold: $1,255.22; Silver: $16.77; Platinum: $922.96; Palladium: $859.62 Gold/Silver Ratio: 74.84

For more information, and to arrange interviews, please contact Jacquelyn Humphrey, Communications & PR Tel: + 1 647 499 6748 or email: [email protected]

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.
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.

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