Dealing Desk: Precious Metals receive strong start to New YearJan 7, 2016·Kelly-Ann Kearsey
Kelly-Ann Kearsey and Geoffroy Buffetrille, Dealing Managers at GoldMoney, say:
This week, clients have favoured the Eastern vaults with most selling being seen in Western vaults.
We have seen gold retain its stance this week as a safe-haven asset as there are continued tensions in the Middle East regarding oil exports and economic sanctions which could then affect the economy of the west. Alongside this is the fall in the Shanghai stock markets, which has highlighted worries about the strength of the Chinese economy.This has given added support to the metal, increasing the price to over USD1,100/oz despite the US Dollar Index also rising.
Market volatility remains high with the VIX index ranging between 16 and 24, giving the precious metals support in a stressful market.
Due to end of the year and tax year, although some GoldMoney clients have been selling their metals over the past week, the buy-to-sell ratio still remains in favour of buyers, with the amount of buy orders outweighing the volume of sell orders.
Week on week price performances (since 17/12/2015 – following on from last report issued)
07/01/16 16:00. Gold rose 4.7% to $1,103.00, Silver increased 2.6% to $14.10, Platinum lowered 1.1% to $875.20 and Palladium dropped 10.7% to $494.60 Gold/Silver ratio: 78
NOTES TO EDITOR
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