The Greek Gods might be stomping their feet on Mount Olympus, but it appears the precious metals markets are not interested as the greenback retains control.
Dealing Manager at online precious metals dealer, GoldMoney, Kelly-Ann Kearsey said, 'There hasn't been the safe-haven buying you'd expect at a time like this when Greece could be about to exit the European currency. Our customers have been playing the market. We saw some profit taking before the gold price dipped, but it has been the bargain buys of platinum and silver which have seen most of the action this week.
'Instead, the market is looking at gold through green tinted glasses, focusing on the potential rate hike in the USA and a strong dollar. It means that gold is at a four week low despite potential Euro troubles. In fact, had European customers bought gold in Euros eighteen months ago they'd be sitting comfortably as their gold stock will have risen 25% in value against the currency. This lends weight to the yellow metal's currency fluctuation protection.'
GoldMoney customers have spotted the advantage to be had with platinum and silver. 'Platinum is down ten percent this year, nearing a six year low, and our customers seem to recognise that with plenty of buying this week. Likewise, silver is also seeing increased purchases thanks to its current pricing.
'Monday will be the day of reckoning as markets open following the Greek referendum and the US Independence day holiday. We could see a rollercoaster ride for metals next week as investors look to take position ahead of the Euro turbulence.'
Week on week price performances
02/07/15 16:00. Gold down 0.8% to $1,163.06, Silver off 1.2% to $15.62, Platinum down 0.2% to $1,076.49 and Palladium up 2.7% at $695.00.
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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