Dealing Desk: Precious Metals Recover from LowsOct 20, 2016·Kelly-Ann Kearsey
Goldmoney Wealth clients have been net buying all precious metals this week; however, gold has remained the favourite and we continue to receive a high number of orders from clients as they speculate the market in light of the upcoming presidential election and FOMC rate hikes.
Clients have favoured the Canadian and Singapore vaults followed by vaults in Switzerland and the U.K., and have shown less preference for the Hong Kong vaults.
“Gold and silver have recovered some losses, with gold trading above a $1,270.00 per ounce spot price and silver trading above $17.60 per ounce,” said Kelly-Ann Kearsey, dealing manager at Goldmoney Wealth. “The British pound, which has been under pressure since Britain voted to leave the European Union, fell below €1.10 this past Monday for the first time since March 2010. It has fallen by almost 20 per cent against the US dollar, and is currently trading below $1.22.”
Gold advanced to its highest level in two weeks as the US dollar weakened this past Wednesday; the trend continued into Thursday after the European Central Bank left interest rates unchanged. The markets may continue to watch ECB President Mario Draghi, as he is expected to provide more information about the future of asset purchases.
US consumer price data was released earlier in the week, which indicated September showed the biggest gain in five months. This data, amongst more positive data from the U.S., may keep the Federal Reserve on track to raise rates; however, with the next FOMC meeting falling close to the U.S. presidential election, any action may be delayed until December.
Week over week, gold has remained the strongest performer, gaining 0.7% on last week’s price, followed by silver at a 0.3% increase. The gold to silver ratio has remained at 72.
20/10/16 16:00. Gold increased 0.7% to $1,266.73, silver increased 0.3% to $17.49, platinum lost 0.4% to $932.00, and palladium retreated 1.6% to $627.72. Gold/Silver Ratio: 72.
NOTES TO EDITOR
For more information, and to arrange interviews, please contact Jacquelyn Humphrey, Communications & PR Tel: + 1 647 499 6748 or email: [email protected]
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 25,000 customers worldwide and holds over $1.6 billion 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