This week has seen a continued high in activity with clients net buying all precious metals.
Clients have favoured gold and silver this week; along with with the occasional price dip seen through the week, many clients have been supporting the metals as a safe haven asset against the volatility of the global economy.
GoldMoney's clients have been favouring the Singapore and London vaults, with the Hong Kong vaults be the least favoured.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says that this week has seen gold hold its price strength whilst gaining 2% from last week and silver dropping 1.2% from last week. This has now lifted the gold to silver ratio to 81, showing that, at this point in time, silver is a bargain buy in comparison to gold. Although gold slid by $20 on Monday, due to a recovery in the oil prices and global equity markets, this was reversed and the prices rebounded on Thursday, due to European shares and continued fear about the volatility on the global economy.
Gold has also been supported, not only as a safe haven due to thr global economy, but also as the dollar has remained flat against a basket of major currencies which has then been an advantage to other currency holders.
The "Brexit" has also been another contributing factor this week as sterling was near a seven year low against the US dollar, on worries that Britain may exit the European Union pending a referendum on 23 June.
Platinum and palldium prices continue show volatility. Given the global unrest the metals have reated more as industrial metals. New vehichle sales for February 2016 are expected to increase 8.1% from a year ago. However, this increase in car sales may not be enough to offset the weakening demand for cars overall which, in turn, may be pulling on the platinum and palldium price.
25/02/16 16:00. Gold gained 2.0% to $1,237.86, Silver dropped -1.2 % to $15.17, Platinum lowered 0.7% to $925.99 and Palladium fell 3.8% to $481.47 Gold/Silver ratio: 81
NOTES TO EDITOR
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