It's been a week for prowling bears on the precious metals markets, as good US economic data reaffirms the dollars strength and reduces gold's safe haven appeal.
Online precious metals trader, GoldMoney has seen its customers selling gold, platinum and palladium this week, but there has been some net buying in silver according to Dealing Manager, Kelly-Ann Kearsey, 'We've seen some limited interest as people took advantage of silver falling to a four year low, and probably on expectations of increased industrial demand. Interestingly, although there's been selling for the other metals it's all small sales. Our High Net Worth customers are holding on to their metals which indicates their long-term perspective.
'Generally volumes are down on last week, but it's also interesting to remember that this time last year we were watching the US budgetary impasse play out as the Government there suspended all non-essential activities and the world held its economic breath. What a difference a year makes.
'We were also reporting this time last year about the continued flow of precious metals out of western vaults to the east and that is one trend which is still the case today. Swiss vaults fared the worst this week whilst the buying we have seen went into Singapore.
'Gold fared better than palladium and platinum, and has stayed above the crucial $1200 support level. The gold/silver ratio has also stayed steady.
16:00 02/10/14: Week on week performance: Gold fell 0.5% to $1,214.56; Silver lost 2.6% to $17.08; Platinum also dropped 3.7% to $1,262.00 while Palladium slipped 4.1% to $770.22.
NOTES TO EDITOR
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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.
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