Dealing Desk Update: Volatility as precious metals await direction and newsApr 25, 2014·Roland Khounlivong
The short holiday week has meant a quiet trading time for British based online precious metals trader, GoldMoney.
However with mixed messages coming from the USA and the Ukraine situation, Head of Dealing at GoldMoney, Roland Khounlivong said there have been small bouts of volatility: 'Today we saw better than expected Durable Goods Orders from the US which backs up the economic recovery story there, increasing dollar prospects and increasing selling pressure and profit taking on gold.
However, we also heard news of an escalation in the Ukraine situation and immediately the gold price rose higher again on the back of hostility fears.
'Our customers have been mostly profit taking this week, with more silver being sold off as its price held firm. Overall, there are still almost as many people buying as selling which highlights the lack of clear direction and the reactionary nature of the current market.
'After being in the spotlight last week palladium was quiet, as too was platinum. Next week the Federal Open Market Committee will meet and it's widely expected that another round of tapering will take place. All eyes will also be on the continuing geopolitical situation in Ukraine which could still provide a safe haven counter-balance.'
16:00 24/04/14: Performance since 16/04/14: Gold fell 0.9% to $1,289.14; Silver gained just 0.3% to $19.61; Platinum dropped 2% to $1,402.74 while Palladium shaved off just 0.1% to $797.22
NOTES TO EDITOR
For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email [email protected]
GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.
GoldMoney has offices in London, Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.
Historically gold has been an excellent way to preserve purchasing power over long periods of time. For example, today it takes almost the same amount of gold to buy a barrel of crude oil as it did 60 years ago which is in stark contrast to the price of oil in terms of national currencies such as the US dollar.
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.
Follow the GoldMoney Dealing desk team on Twitter: @goldmoneyupdate