This week, clients have been net buying their metal positions; this was seen more so with the increased silver prices.
Clients have been speculating the market conditions and chasing the silver price as it increased. We have also seen an increase in the value of orders this week as clients take the opportunity to purchase gold at a lower rate.
GoldMoney’s clients have continued to favour the Singapore vault along with more interest being shown toward the Switzerland and Hong Kong vault and less preference being shown toward the London and Canadian vaults.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney said, precious metals have continued in strength this week with spot gold reaching USD 1,285/oz. This was possible due to a weaker US dollar and a fall in oil prices. Today, silver exploded to reach a spot price of USD17.69/oz before falling to a low of USD16.72/oz and returning to a stable level of above USD17.00/oz. A possible reason behind silver’s gains this week is due to the gold/silver ratio. The ratio was up at 81 at the beginning of April but this has now been reduced to 73.
Precious metals were boosted by weaker dollar ahead of the ECB meeting today; however, it was confirmed by the ECB that they would leave rates unchanged.
On Tuesday, platinum climbed to its highest in six months and has broken past the psychological level of USD1,000/oz. This was supported by a weaker US Dollar due to US data being below the expected levels, including US housing stats. Palladium has received support from this news as it broke above USD 600/oz.
Week on week, palladium has been the top performer increasing 8.1% followed by silver with an increase of 5.7%. 21/04/16 16:00. Gold gained 1.5% to $1,250.26, Silver jumped 5.7% to $17.06, Platinum increased 3.1% to $1,024.49.00 and Palladium gained 8.1% to $603.56 Gold/Silver ratio: 73
Notes to editor
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GoldMoney is one of the world’s leading providers of physical gold, silver, platinum and palladium for private and corporate customers, allowing users to buy precious metals online. The easy to use website makes investing in gold and other precious metals accessible 24/7.
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