It's been a busy week for GoldMoney customers, but despite today's Swiss National Bank (SNB) announcement, they're still preferring silver to the yellow metal.
Over the past week, Roland Khounlivong said in terms of value the online precious metals' trader has seen an outflow of gold from Switzerland and the UK with the Brinks Canada vault and Brinks and Malca-Amit in Singapore being the main beneficiaries where there is buying. 'Interestingly our buyer to seller ratio is still showing more buyers than sellers overall, over twice as many in fact. Silver has been the main attraction with gold suffering despite its rising price. Today's announcement, that the Swiss National Bank is to end its cap for the Franc against the Euro and cut its deposit rate to minus 0.75%, sent gold prices rising and investors rushing to gold for its safe haven qualities, but still failed to change the buying patterns of our GoldMoney customers.
'These are interesting times for gold as in the past falling oil prices and inflation, and a rising dollar has led to falling gold prices, but economic stability fears are again putting the shine back into the metal. The first economic figures to come out of the US have been disappointing, with December retail sales lower than expected and jobless claims starting to head in the wrong direction, and this plus Swiss Franc volatility could continue to push gold forward as a safe haven option for investors.
'Next week we may see more along the same lines as the European Central Bank releases its monthly monetary policy statement on Thursday amid fears over the stability of the Euro and the potential exit of Greece. Monday is likely to be quieter with the US closed for a public holiday, but Tuesday's Chinese GDP and industrial production figures may give some further direction.'
Week on week performance: 15/01/15 16:00. Gold up 3.9% to $1,259.56, Silver increased 4.0% to $17.06, Platinum gained 3.0% to $1,255.74 but Palladium decreased 2.7% to $770.72.
NOTES TO EDITOR
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