This week, clients have been net buying gold and silver, taking advantage of the lower prices due to the FOMC announcement last Friday. Week on week, we have continued to see a high volume of orders including higher value orders.
Goldmoney Wealth’s clients have favoured the London, Swiss, and Singapore vaults this week with less preference being shown for the Hong Kong and Canadian vaults.
Kelly-Ann Kearsey, Dealing Manager at Goldmoney Wealth said that this week has seen precious metals reclaim some of their previous losses due to disappointing US economic data such as the US non-manufacturing new orders, which fell to its lowest since 2013, together with a weaker US Dollar. On Tuesday, gold and silver prices surged with both gold and silver reaching a three-week high as the dollar index slipped down 1.1% to a two-week low.
Earlier this week, gold had been seen testing the price of $1,350.00/oz whilst silver has been seen testing the resistance price of $20.00/oz. This then reduced the gold-to-silver ratio down to 67.5.
Today, the prices remained steady pending the ECB announcement which was due this afternoon. The European Central Bank’s statement, as expected, confirmed that interest rates would remain unchanged, which they believe will continue for an extended period of time.
Platinum and palladium both touched a two-week highs this week alongside reports of a possible strike in South Africa as the South Africa’s Association of Mineworkers and Construction Union broke off wage talks and were unable to reach an agreement.
Week on week, silver outperformed the other metals by gaining 5.1% on the spot price. This has amended the gold to silver ratio down to 68.
08/09/16 16:00. Gold increased 2.3% to $1,344.61, Silver jumped 5.1% to $19.75, Platinum rose 3.9% to $1,088.00 and Palladium added 3.7% to $686.47 Gold/Silver ratio: 68
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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