This week has seen selling across all metals, with platinum being the week's favourite metal.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says that prices remained strong until Wednesday, when the gold price fell as a result of a dollar surge and undecided US interest rates. She notes that expectations of more economic stimulus from China and the Eurozone are keeping investors bullish on gold's longer term prospects.
↓ Gold prices remained strong over the past week with highs of USD1,178/oz after the previous week's highs of USD1,187/oz. As a result, GoldMoney clients were selling their metal, taking advantage of the increase in prices, which was well-timed as prices retreated back to USD 1,166/oz yesterday.
↓ Silver prices remained steady over the week, with some clients also looking to takiethe profit on their metal this week.
↑ Platinum has remained above the USD1,000oz level this week, with an upturn in platinum purchasing as new lows were experienced in September due to the Volkswagen scandal. News from Toyota about the future manufacture of hydrogen cars has lent support to the metal and its future uses.
↓ Palladium, having seen highs of USD700/oz last week, has seen an increase in selling as clients look to make a profit on their metal.
Week on week price performances
22/10/15 16:00. Gold lost 1.5% to $1,167.45, Silver fell 2.2% to $15.80, Platinum gained 0.4 % to $1,002.25 and Palladium dropped 3.5% to $679.25 Gold/Silver ratio: 73
NOTES TO EDITOR
For more information, and to arrange interviews, please contact Emily Cornelius, Communications & PR Tel: + 1 647 499 6748 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.
Visit: Goldmoney.com or view our video online