This week, clients have been actively net buying gold and silver, with Goldmoney Wealth seeing an increase in the number and value of orders being placed as clients take advantage of the lower prices seen in the week.
Goldmoney Wealth’s clients have favoured the Singapore, Canadian, and London vaults this week with less preference being shown for the Swiss vaults.
Kelly-Ann Kearsey, Dealing Manager at Goldmoney Wealth said that last Friday saw gold dip down close to a 1 week low as it dropped below the $1,350/oz level due to the jobs data released from the US which was stronger than expected. Silver was also affected as it dropped below the psychological level of $20/oz. Wednesday then saw a comeback in price briefly before retreating, as the US dollar weakened due to the continued speculation that US policy makers are in no rush to raise interest rates. This was alongside another data release from the US showing that US worker productivity had fallen which added further pressure to the dollar index.
Platinum and Palladium had a strong week as the price of platinum reached a high of $1,172.00/oz and palladium reached over $730/oz which was a price level that had not been seen since October 2015. Palladium had experienced the steepest intra-day jump in more than six years due to a rise in car sales in China which resulted in speculation that supply may not meet demand.
11/08/16 16:00. Gold dropped 0.9% to $1,351.35, Silver decreased 1% to $20.17, Platinum rose 0.6% to $1,157.30 and Palladium declined 0.1% to $699.75 Gold/Silver ratio: 67
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.
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 25,000 customers worldwide and holds over $1.6 billion 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.
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