Gold prices may have slipped to three week lows this week, but it hasn't been all gloom and doom with online physical metals trading platform, GoldMoney, reporting some interest in both gold and platinum.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney said, 'Our customers have definitely shown more interest in gold and platinum this week, with the selling focused on silver and palladium. The usual trend of west to east flows has been predominant, with significant buying activity into our Singapore vaults and sell orders coming out of the UK.'
The GoldMoney buy/sell ratio showed to be almost neutral in the end in terms of the quantity of orders, with a few larger buys in terms of value, and Kelly-Ann says there are clear conflicting pressures on the market. 'Gold came under pressure following the US Existing Home Sales figures, which was good news for the US economy, and supports an impending rate hike for the first time since 2006. The Federal Open Market Committee are meeting next Wednesday which will give further direction.'
'However, on the other hand, the continuing economic uncertainy in Greece is still giving some support to Gold. If Greece can't make its loan payments next month then an exit from the Eurozone is still on the cards and that will give gold a boost as a safe-haven asset amid the fall-out in Europe.
'This Friday the Eurozone finance ministers are to meet in Latvia', says Kelly-Ann, 'However, it is unlikely that a deal will be agreed before the Eurogroup meeting on 11 May 2015 – the day before Greece must pay back the total balance due to the International Monetary Funds (IMF). Any further signs of a 'no deal' scenario could raise the prospect of a Greek exit or 'Grexit'.
'Next Wednesday will be an important day for US data as we will be waiting on the US GDP and the US FOMC Meeting Announcement which may give further indications not only to the strength of the economic recovery but also a renewed statement for what we might expect with regards to the interest rate hike.'
Week on week price performances
23/04/15 16:00. Gold down 0.4% to $1,191.85, Silver down 2.4% to $15.83, Platinum down 1.7% to $1,132.14 and Palladium off 0.6% to $765.35.
NOTES TO EDITOR
For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email [email protected]
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.
Through GoldMoney's non-bank vault operators, physical precious metals can be stored worldwide, outside of the banking system in the UK, Switzerland, Hong Kong, Singapore and Canada. GoldMoney partners with Brink's, Loomis International (formerly Via Mat), Malca-Amit, G4S and Rhenus Logistics. Storage fees are highly competitive and there is also the option of having metal delivered.
GoldMoney currently has over 20,000 customers worldwide and holds over $1billion of precious metals in its partner vaults.
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.