One of the world's largest online precious metals trading platforms, GoldMoney, has experienced the biggest gold buying spree from its customers since last summer.
GoldMoney's Head of Dealing, Roland Khounlivong said: 'This week the buyers have far outnumbered the sellers, as people came into the market to take advantage of the current prices amid the uncertainty of emerging market economic fears. Silver was popular all week until Thursday, while gold has definitely been the top choice all week.
'Interestingly 94% of our net buy orders are being shipped to Hong Kong and Singapore vaults. This is a further reinforcement of the trend we have seen for some time with bullion flowing out of the western vaults to the east.
'The better than expected economic data which came out of the US has pulled the market down slightly, but we're expecting investors to take the next few weeks to decide if western economies are definitely heading in the right direction.'
16:00 30/01/14: Week on week prices: Gold fell 2% to $1,242.70; Silver down 3.4% $19.17; Platinum off 2.7% at $1,385 and Palladium fell 3.3% at $707.40.
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 has offices in London, 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.
Historically gold has been an excellent way to preserve purchasing power over long periods of time. For example, today it takes almost the same amount of gold to buy a barrel of crude oil as it did 60 years ago which is in stark contrast to the price of oil in terms of national currencies such as the US dollar.
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.