Dealing Desk: Precious metals slide as the bears prowl the markets

Jul 24, 2015·Kelly-Ann Kearsey

Monday saw a drop in the gold price, partly triggered by Asian markets and rumours that some big funds might be dumping gold into the market.

Not surprisingly there was some panic selling as a result, but as Dealing Manager, Kelly-Ann Kearsey, explains, there were still many buyers prepared to put some money into the yellow metal: 'We had a 73% increase in activity compared to last week and while there were some selling orders we actually had more customers buying - albeit in smaller amounts. The usual vaults, UK and Switzerland saw the bulk of activity.

'A conclusion to the Grexit situation and indications of rising inflation in the US, and thus an increased likelihood of a rate hike, dampened gold's safe haven status and brought out a riskier appetite among investors. Moving forward, the American driving season and summer holidays in many markets, should indicate a quiet period, but one where any fairly large movements could have a significant effect on the markets.

'Silver was also on the selling list for some GoldMoney customers this week, although the gold/silver ratio has improved slightly. There was little activity with platinum and palladium.

'Next week brings the US Durable Goods Orders on Monday and then the Federal Open Market Committee meeting on Wednesday which might give further food to investors.'

Week on week price performances
23/07/15 16:00. Gold fell 4.5% to $1,092.81, Silver lost 2.3% to $14.71, Platinum dropped 3.3% to $973.99 and Palladium was down 2.2% at $617.97. Gold/Silver ratio: 74

For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 735 253, 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 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.

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