As the global stock markets plummeted in reaction to China's economic woes, online bullion dealer, GoldMoney, has reported a rise in interest from its customers for gold bars to be delivered to their homes.
GoldMoney Dealing Manager, Kelly-Ann Kearsey said, "While the gold price did hit a seven week high, it hasn't reacted to the stock market swings as much as we might expect. However, it's obvious that some people are concerned because this week we saw orders from the UK, US, and Canada for physical bullion bars to be delivered to customers' homes."
"We've had a busy week all round, with gold by far the most popular metal in busy buying activity, which is unusual for the holiday period. Silver has, to a lesser extent, also featured prominently on the buy lists, while the more industrial metals, platinum and palladium, have languished with some profit-taking on palladium."
"Federal Reserve head, Janet Yellen's comments about the rate rise not being imminent helped to depress the dollar a little and lift gold hopes, but today's better than expected US GDP figures have quashed that effect somewhat. However, we are still seeing our customers actively buying as the uncertainty in global markets sends people towards the safe haven and wealth preserving qualities of gold."
Week on week price performances
27/08/15 16:00. Gold down 2.3% to $1,123.11, Silver down 7.4% to $14.32, Platinum off 2.7% to $996.24 and Palladium down 9.8% at $554.97. Gold/Silver ratio: 78
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 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.