Gold and silver are now reclaiming their five year low levels. However, silver purchases are on the rise.
This is unexpected for the time of year, as many clients tell us that they consider the Indian festival of Diwali as an auspicious time to purchase gold.
Dealing manager at GoldMoney, Geoffroy Buffetrille, says that all eyes are turned on the data coming out of the US to assess the state of the US economy and, therefore, the probability of a December interest rate hike. This has lead to net selling of gold with this expectation of an increase in mind.
Better than anticipated job data has weighed on the price of metals over the past week; however, the guessing game could keep the price volatility going until the end of the year.
↓ Gold – some clients sold gold, replacing it with silver
↑ Silver – with net purchases of silver this week, clients are favouring this white metal
↑ Platinum – this week, platinum is following the buying pattern of silver
↓ Palladium – palladium rose in price this week, which may have encouraged some selling with a view to taking a profit
Week on week price performances
12/11/15 16:00. Gold lost 2.5% to $1,078.75, Silver fell 4.9% to $14.25, Platinum dropped 7.9% to $877 and Palladium rose 6.8% to $563.75 Gold/Silver ratio: 75.5
NOTES TO EDITOR
For more information, and to arrange interviews, please contact Emily Cornelius, Communications & PR Tel: + 1 647 499 6748 or email: Emily.Cornelius@GoldMoney.com
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