Silver in the spotlight
GoldMoney weekly market report and customer metrics
GoldMoney customers have had a busy few days with trading volumes up on the previous week.
Kelly-Ann Kearsey, Dealing Manager, at the online bullion dealer, GoldMoney, said: ‘Silver has been the centre of attention for our customers with its current price bringing out the bargain hunters. Gold saw a three day rally which encouraged some profit taking, but the market overall is being run by US data.’
‘Next Wednesday’s Federal Open Market Committee (FOMC) meeting will provide some focus for the US economy. Today’s retail sales figures, along with last week’s better than expected US jobs data, boosted US economic prospects and the attraction of the dollar. The greenback had somewhat of a lull earlier this week, potentially hit by World Bank and IMF warnings to the FOMC not to raise interest rates before next year, but, with each set of positive data, it is likely to grow in strength.’
‘Platinum and palladium remained stable this week, with minimal customer activity compared to the much more volatile silver. The gold selling we have seen this week has come out of Switzerland, with a good percentage of the buying heading east into Singapore and Hong Kong.’
‘The continuing talks over Greek’s debt situation has boosted safe haven support for gold, but, the deadline is looming and there will have to be an outcome for this situation before the end of the month.’
Week on week price performances
11/06/15 16:00. Gold down 1.0% to $1,175.06, Silver off 2.6% to $16.19, Platinum down 1.7% to $1,093.65 and Palladium down 3.7% at $752.35.
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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.