It has been a relatively quiet week, but British based precious metals' trading company, GoldMoney reports there have been far more buyers than sellers as the market sentiment remains undecided on where prices are going.
Gold and Silver suffered the most with silver down 3.1% on the week to Thursday at $19.45, gold off 1.1% to $1,226.44 while Palladium gained 1.4% to $736.5 and Platinum nudged up 0.8% to $1,413.03.
GoldMoney's Head of Dealing, Roland Khounlivong said: 'We had some large sell orders from a few individuals who are profit taking at this stage, but in terms of the number of buyers vs sellers, there have definitely been more customers increasing their precious metal holdings than selling.
'As the silver price has slipped, we've also seen more buy interest for silver, and until the gold/silver ratio improves to around 55 to 60, I expect that this will continue.
'The positive economic data coming out of the US and the Eurozone is tempting some to profit take now, but the market is undecided with memories of 2009 and the resulting events still too fresh. We will keep a close eye on the US employment report out tomorrow, and US and Eurozone inflation figures out next week, which might give some further indication of where prices might head this year.'
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.
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