The past week might have been quiet in the wake of the festive season, but British based precious metals' trading company, GoldMoney has seen some significant buying by its customers keen to take advantage of the falling prices.
All of the precious metals posted gains by the end of the week: Gold rose 2.4% to $1,235.71, Silver up 2.2% at $20.13, Platinum increased 3.3% to $1,409.39 and Palladium gained 3% on the week to $727.75.
GoldMoney's Head of Dealing, Roland Khounlivong said: 'Gold in particular suffered from profit taking at the end of December, but that situation has turned around and we are now seeing some significant buying as our customers move in to take advantage of the lower prices. Although there are many bears in the market there are also plenty of people who look at gold's historic record and still view it as good wealth protection insurance .
'We have seen buyers across all the metals, with some significant purchases of silver being stored in our Brinks Toronto vault. The trend for moving metals out of the UK and Switzerland continues as we highlighted in our year-end figures with the majority going to Singapore. This West to East flow is likely to continue throughout this year as customers diversify their holdings and the appetite for bullion remains more positive in the east.'
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.