This week, clients have been net buying gold, silver and platinum whilst selling palladium.
We have continued to receive a higher number of orders from clients as they continue to speculate the market and take the opportunity to purchase at a lower price, with gold being below $1,260/oz and silver below USD18.00/oz.
Goldmoney Wealth’s clients have favoured the Hong Kong and Singapore vaults followed by the Swiss vault with less preference being shown for the London and Canadian vaults.
Kelly-Ann Kearsey, Dealing Manager at Goldmoney Wealth said this week has been mostly focused on the minutes released by the FOMC on Wednesday, together with the GBP “Flash Crash”.
The release of the FOMC minutes noted that there could be a reasonable case to be made as to whether to raise rates or to wait for more evidence on progress in the economy. This was followed by gold prices edging down further on Thursday morning due to a stronger US dollar. The dollar index strengthened against a basket of six major currencies and hovered near a seven-month high on Thursday.
Last Friday saw a USD/GBP fall from $1.26 to a low around $1.18 and it has remained under pressure, having fallen for six consecutive days. The Pound is currently down about 16% since the start of the year, trading at 1.22. There may be more volatility to be seen in GBP around the upcoming Brexit negotiations.
Next week we can expect to see US data being released, including Industrial production, Consumer Price Index, and Housing Starts which may give more direction to the FOMC decision.
Week on week, silver has been the strongest performer as it gained $1.5% on last week’s price, followed by gold with a 0.5% increase. This gold to silver ratio has remained at 72.
13/10/16 16:00. Gold increased 0.5% to $1,257.39, Silver increased 1.5% to $17.43, Platinum lost 3.1% to $935.40 and Palladium retreated 3.9% to $637.70 Gold/Silver ratio: 72
NOTES TO EDITOR
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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.
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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