Dealing Desk: Metals Shine in Uncertain TimesFeb 3, 2017·Rachel Stonier
Goldmoney Wealth clients have been net selling both gold and silver this week, locking in profits on recent price movements.
Clients have favoured vaults in Zurich, London, and Singapore and have shown less preference for the Toronto and Hong Kong vaults.
Intense and warranted media coverage of President Trump’s policies and unpredictability may be inciting fear and causing market volatility, as news of his executive order barring U.S. entry to refugees and people from several Middle Eastern countries followed by his firing of acting Attorney General Sally Yates for defying the order rattled global markets.
“Gold benefitted from safe-haven buying, soaring to $1,216 on Tuesday from its two-and-a-half week low of $1,180 and continued its advance after the FOMC announced it would leave rates unchanged on Wednesday, said Rachel Stonier, dealing manager at Goldmoney Wealth. “Silver also benefited from the decision made by the FOMC; having started out the week at a two-week low of $16.60, the metal went on to hit a two-month high of $17.63.”
Platinum broke above $1,000 and held at that level, while palladium also enjoyed a wild week; having moved from $711 to $738 last Friday, it continued upwards and hit $766.
All precious metal prices were up over the past week and posted gains: palladium saw the biggest rise at 4.7%, silver gained 4.6%, gold rose by 2.5%, and platinum jumped by 2.4%.
02/02/17 16:00 – Gold: $1,216.94; Silver: $17.53; Platinum: $1,001.17; Palladium: $764.82. Gold/Silver Ratio: 69.41.
NOTES TO EDITOR
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