Whilst the overall market has been focusing on Palladium amid geopolitical tension, for a second week in a row customers at GoldMoney have been taking advantage of the falling silver price.
Dealing Manager at the online precious metals trader, Kelly-Ann Kearsey, said, 'Rising geopolitical concerns around the Ukrainian and Russian situation continued to give palladium the focus, but with attention elsewhere a falling silver price has given our customers the opportunity to buy.
'Gold has seen some profit taking as volume returns to more normal levels following the end of the summer holiday season and further strengthening of the US Dollar has weakened the yellow metal's appeal.
'Today's news of a ceasefire in the Ukraine and the European Central Bank's rate cut to a record low has also dampened gold's safe haven appeal against the dollar.
'Overall there were still more buyers than sellers among GoldMoney's customers, with a marked sell-off from the Via Matt UK vault and buying going into Hong Kong in a continuation of the west to east flow.
'Next week the Chinese Producer Price Index and Consumer Price Index figures will be released along with US retail sales and these may well give further impetus to a strengthening dollar.'
16:00 04/09/14: Week on week performance: Gold fell 1.6% to $1,268.66; Silver lost 1.8% to $19.18; Platinum also dropped 0.9% to $1,409.25 while Palladium slipped 1.3% to $882.47.
NOTES TO EDITOR
For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email [email protected]
GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.
GoldMoney currently has over 22,000 customers worldwide and holds $1.4billion of precious metals in its partner vaults.
GoldMoney has offices in Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.
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.
Follow the GoldMoney Dealing desk team on Twitter: @goldmoneyupdate