Dealing Desk: Precious Metals Rally after Presidential ElectionsNov 11, 2016·Kelly-Ann Kearsey
Goldmoney Wealth clients have been net buying all precious metals with gold being the favourite this week.
Clients have favoured the Switzerland and Hong Kong vaults followed by vaults in Singapore, and have shown less preference for the London vault.
“The much-anticipated U.S. presidential election increased price volatility over the past week,” said Kelly-Ann Kearsey, dealing manager at Goldmoney Wealth. “Precious metals had been trading in a downwards direction; once Donald Trump was announced as U.S. president-elect, the gold price jumped by nearly 5% to $1,337.40 – its highest in six weeks – followed by silver, which jumped 1.6% to $18.79.”
Gold and silver prices slowly retreated Thursday morning due to the rallying of Asian shares, which stabilized the U.S. dollar at its pre-election level.
Silver has remained resilient against price movements, even with increased demand for the metal, which will provide support and offset the fear-based downward pressure of industrial commodities related to the outlook for global growth.
The market can now focus on future events, including the Federal Open Market Committee (FOMC) meeting in December. The probability of a rate hike currently stands at 76%.
Week over week, palladium became the strongest performer, gaining 10.9% on last week’s price, followed by silver at a 1.8% increase. The gold to silver ratio has decreased to 68.
03/11/16 16:00. Gold decreased 2.2% to $1,270.20, silver increased 1.8% to $18.58, platinum lost 1.9% to 974.00, and palladium rose 10.9% to $689.55. Gold/Silver Ratio: 68.
NOTES TO EDITOR
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