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Back to selling as investors look for quick profit

GoldMoney weekly market report and client metricsInvestors in precious metals have been realising quick profits over the last seven days, as increases in prices across gold, silver, platinum and palladium saw the recent trend of net buying reversed. Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says that weaker than expected US jobs data last week led to a jump in the gold price – which went up by around US$ 25 in just minutes on the publication of the data. That has prompted some short-term investors to sell, and realise a quick profit. “We have seen a big boost in the USD price,

Precious metals waver in an uncertain market

GoldMoney weekly market report and client metricsThe spectre of a US interest rate hike has come to the fore again this week, pushing the gold price in the opposite direction of the rising dollar. Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says it’s the same obsession which has ruled the market all year, “Will they, won’t they, and when? Markets have been waiting for the US Federal Reserve to increase interest rates for what seems like an eternity. The last meeting saw rates staying the same amid worries that a hike might impact on the more fragile Chinese and emerging market

Profit taking gives way to safe haven buying

GoldMoney weekly market report and client metricsThe week started with selling from GoldMoney clients, in both gold and silver, but, Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says fortunes have picked up for the metals. “Today we have seen some big purchases coming in for both gold and silver after a week of profit taking for both metals, silver in particular. The usual trend for selling out of the UK and Switzerland and into Singapore has continued, but after several weeks of being the most popular metal,  silver was the most sold among GoldMoney customers, possibly with profit

Another silver week as gold waits on the Fed

GoldMoney weekly market report and customer metricsIt was another week where silver outshone its yellow cousin amid the ‘wait and see’ ahead of the US Federal Reserve decision whether or not to raise interest rates. Dealing Manager at GoldMoney, Kelly-Ann Kearsey, said it was quiet on the gold trading front but this was expected: “Obviously the announcement from the Federal Reserve was critical so it’s not supririsng that clients were waiting to see what happened.  Good indicators for the US economy led some to believe it could be the end of record low interest rates, but on the day

Silver continues to outperform gold

GoldMoney weekly market report and customer metricsAlthough customer activity has been positive across all metals, silver has contined to be the favourite metal among GoldMoney’s customers this week . Dealing Manager at the online precious metals trader, Kelly-Ann Kearsey said: “In terms of orders, silver remains on top in volume and value while gold continues to be the second favourite. Overall, more customers are buying than selling and Singapore continues to be the favoured vault. “We continue to see volatility in the gold market. This week, the number of job openings in the US was at

Silver back in the spotlight

GoldMoney weekly market report and customer metricsIt has been silver’s turn to shine this week, as it was a clear buying favourite amongst GoldMoney’s customers. Dealing Manager at the online precious metals trader, Kelly-Ann Kearsey said, “Gold rallied to a one week high on Tuesday before slipping back again, but it’s treading water right now. Silver has been far more interesting and is coming from a relatively low price base. “Gold’s furtunes were hit by a stronger dollar as a result of strong US jobs data. It has given hope to a more imminent rate rise in the US, despite warnings

Rise in interest for gold deliveries to customers’ homes

GoldMoney weekly market report and customer metricsAs the global stock markets plummeted in reaction to China’s economic woes, online bullion dealer, GoldMoney, has reported a rise in interest from its customers for gold bars to be delivered to their homes. GoldMoney Dealing Manager, Kelly-Ann Kearsey said, “While the gold price did hit a seven week high, it hasn’t reacted to the stock market swings as much as we might expect. However, it’s obvious that some people are concerned because this week we saw orders from the UK, US, and Canada for physical bullion bars to be delivered to

Golden week for precious metals

GoldMoney weekly market report and customer metricsPrecious metals have had a positive week and GoldMoney Dealing Manager, Kelly-Ann Kearsey said there’s been buying across the board, “We have seen an increase in both value and volume trading which is particularly unusual for this time of year. Even more positive is the fact we have also noticed customers funding their holdings which means they are preparing to purchase as well, proving this might be more than just a week long bull run. “The US Federal Reserve’s caution with regard to when it might put up interest rates has hit the

Chinese currency fears fuel the world’s oldest currency

GoldMoney weekly market report and customer metricsThe inevitable economic fears following China’s decision to devalue its currency have sent some investors gold hunting this week, although interestingly, Dealing Manager at GoldMoney, Kelly-Ann Kearsey said more of their customers have been jumping on silver’s ascendency. ‘Silver was definitely the favourite metal of the week in terms of the number of buyers, although gold won the week in terms of the total value of purchased metal. While both have been slipping in recent months, silver has perhaps fallen the most. In April 2011, it was

Gold hits 5 year low in lacklustre holiday trading

GoldMoney weekly market report and customer metricsMonday saw gold hit a five year low with even the sell-off in Chinese shares not spurring safe haven buying. Low inflation and the strong dollar continue to dominate says GoldMoney Dealing Manager, Kelly-Ann Kearsey, ‘Interestingly we haven’t seen any big sell orders, we’ve had a steady flow of small sells along with buys so our customers are still not committed either way. ‘Investors might be attracted to some higher yielding options, but, with the current gold and silver prices, some customers have decided to add to their portfolio for

Precious metals drift on interest rate talk currents

GoldMoney weekly market report and customer metricsThe precious metals bears are still prowling around this week, with relatively little change in prices week on week. However, as Dealing Manager at GoldMoney, Kelly-Ann Kearsey, explains, this week was similar to the last with plenty of buying by its customers, ‘We are into the holiday season now so trading is going to generally be lighter than usual, meaning any fairly large buy or sell orders will create some waves; but whilst we have seen some profit taking at GoldMoney, there are still more individual buyers than sellers. ‘All of the

New Director appointments at recently expanded GoldMoney

GoldMoney promotes two new Jersey Directors following its acquisition by BitGold Canada. The new roles come as the completed acquisition sets the framework for the first global, full-reserve and gold-based financial services business. Katy Millington has been appointed Director of GoldMoney’s Jersey-based entities and General Counsel of GoldMoney Group, which includes both the BitGold and GoldMoney subsidiaries respectively. Previously, Katy held the role of Legal Counsel and Head of Compliance for GoldMoney,  since she joined the company in 2013. Prior to this she was an Associate

Precious metals slide as the bears prowl the markets

GoldMoney weekly market report and customer metricsMonday 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 at GoldMoney, 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

A see-saw week for gold and the USD

GoldMoney weekly market report and customer metricsThere has been a clear divergence in the fortunes of the Dollar and the Euro this week which has weighed heavy on the gold price and the yellow metal’s safe haven status. Head of Dealing and Settlements at online precious metals trader, Roland Khounlivong, said, ‘Today’s announcement that the Greek parliament has agreed the new austerity measures and therefore agreed to creditor conditions, has pushed the Euro down around 1.5% from last week, and given some investors their risk appetite back. ‘Gold’s see-saw relationship with the US

Gold returns to the spotlight amid Asian stock slump

GoldMoney weekly market report and customer metricsThe Greek/Euro union may have been teetering on the brink this week, but the precious metals markets remained somewhat ambivalent to the situation - until Asia’s woes hit the headlines. Head of Dealing and Settlements at GoldMoney, the online precious metals dealer, Roland Khounlivong, said gold has been surprising analysts, ‘The tensions in Europe have helped push the risky assets south, but although we’d usually expect gold to gain from its safe haven value, it was in fact dipping earlier this week, with the strength of the US dollar

Precious little attention on gold as platinum and silver shine

GoldMoney weekly market report and customer metricsThe Greek Gods might be stomping their feet on Mount Olympus, but it appears the precious metals markets are not interested as the greenback retains control. Dealing Manager at online precious metals dealer, GoldMoney, Kelly-Ann Kearsey said, ‘There hasn’t been the safe-haven buying you’d expect at a time like this when Greece could be about to exit the European currency. Our customers have been playing the market. We saw some profit taking before the gold price dipped, but it has been the bargain buys of platinum and silver which have

Bargain hunting and some Sterling good buys

GoldMoney weekly market report and customer metricsIt’s been a week where precious metals’ prices have been dominated by the conflicting pressures of a stronger US economy and dollar versus a potential Greek exit from the Eurozone. Dealing Manager at online precious metals dealer, GoldMoney, Kelly-Ann Kearsey said, ‘After gold’s rise above the psychological $1200 level last week, prices took a hit when US GDP figures showed the economy is on a stronger road to recovery than first thought. This was good news for America and the dollar; however, it hit the gold price. We saw our customers

Buyers speculate and hedge their bets

GoldMoney weekly market report and customer metricsA busy week on the economic news front has led to a busy week in the precious metals markets. Kelly-Ann Kearsey, Dealing Manager at the online bullion dealer said: ‘We’ve had more buyers than sellers contacting us this week, with gold more popular than silver and there’s also been some interest in platinum. ‘We saw some speculation ahead of the Federal Open Market Committee meeting (FOMC), and the Fed’s more dovish stance on rate rises has given some support to gold, boosting it above the $1200 threshold. The continued stalemate in

Silver in the spotlight

GoldMoney weekly market report and customer metricsGoldMoney 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,

Trading volumes in light of price falls

GoldMoney weekly market report and customer metricsTrading volumes at online bullion dealer, GoldMoney, are up week on week, with buyers taking advantage of the current price. Kelly-Ann Kearsey, Dealing Manager, GoldMoney, said: ‘Improved economic figures and more hopeful rhetoric coming from the Greek bailout talks, have influenced precious metal safe haven motivations.’ Kelly-Ann adds: ‘Hopes of a settlement in Greek bailout talks took gold to three week lows and then US data today showing that the number of people who filed for unemployment assistance in the US fell more than

GoldMoney customers find reasons to buy

GoldMoney weekly market report and customer metricsGoldMoney customers have been bucking the general market trend and buying up the yellow metal this week. Kelly-Ann Kearsey, Dealing Manager at the online precious metals dealer, says the trend came from a combination of reasons, both in-house and external, ‘On Friday it was announced that BitGold Inc. is to acquire GoldMoney. To celebrate the merger a promotion was launched for the long weekend. This incentivised customers who shared a very positive response to the merger. This reaction, coupled with the below the psychological support

Gold emerges as the anchor in uncertain waters

GoldMoney weekly market report and customer metricsIt has been a good week for gold on the wordwide markets, although GoldMoney customers have been indulging in a spot of speculation and profit taking. Kelly-Ann Kearsey, Dealing Manager at online precious metals dealer, GoldMoney says it has been an interesting week for customer behaviour, ‘The Federal Open Market Committee (FOMC) minutes on Wednesday took a more doveish stance which supported the gold price at the expense of the dollar, but what is interesting is that we noticed our customers buying gold on the Tuesday, before selling

The Safehaven shimmer returns to gold

GoldMoney weekly market report and customer metricsIt has been a very interesting week for gold’s fortunes with mixed news coming from the USA, and even mainstream analysts beginning to get nervous about where the world’s economy is heading. Head of Dealing and Settlements at online precious metals trader, Roland Khounlivong, said, ‘It has resulted in a return to gold’s safe haven appeal with bargain hunters heading back into the market to protect their wealth.’ Customer activity In terms of GoldMoney customers, Roland says it has been a week of stability, ‘We’ve seen a low turnover

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