This week saw a continuation of last week's sell-off in gold as prices fell to an eight month low. GoldMoney customers sold the yellow metal, but Kelly-Ann Kearsey, Dealing Manager at the online precious metals trader, said, 'We saw a continued interest in silver.
Our customers carried on where they left off last week and across the board we had more buyers than sellers with silver being the metal of choice.
'Gold was mostly sold out of the UK and Swiss vaults with Singapore benefitting from the purchasing. There was very little other activity for platinum and palladium, and it's a wait and see game to find out at what point the buyers return to gold as the price drop encourages bargain hunting.
'Overall, volumes are slightly lower, but with more buyers than sellers compared to last week. Tomorrow's quadruple options witching and next week's US durable goods orders, Gross Domestic Product (GDP) figures and Chinese Purchasing Manager Index (PMI), could provide further impetus to the market, although it might not be in gold's favour.
16:00 18/09/14: Week on week performance: Gold fell 1.11% to $1,225.79; Silver lost 0.48% to $18.55; Platinum also dropped 1.93% to $1,344.99 while Palladium slipped 1.64% to $825.72.
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 currently has over 22,000 customers worldwide and holds $1.4billion of precious metals in its partner vaults.
GoldMoney has offices in 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.
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.
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