A see-saw week for gold and the USD
GoldMoney weekly market report and customer metrics
There 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 dollar has meant that as it strengthened this week, so gold went south. Helping the swing was US Chair of the Federal Reserve Board, Janet Yellen, who said the raising of interest rates there is very much on the agenda. She also confirmed that the US economic recovery is on track and won’t be worried by the situation in Greece or the shaky Chinese stock market.’
The result has been gold heading back to mid March levels, but the gold/silver ratio is still well above 70, with silver being much cheaper relative to its yellow cousin. ‘Silver is still underpriced in comparison,’ says Roland Khounlivong, ‘and now we’re entering the holiday period we can expect the market to be relatively quiet until at least the end of August.
There will be some interesting figures out tomorrow in the form of the US Consumer Price Index, but then next week little in the way of interest and therefore we can expect the market to drift a little in the coming weeks.’
Week on week price performances
16/07/15 16:00. Gold down 1.6% to $1,144.67, Silver off 2.0% to $15.06, Platinum slipped 1.4% to $1,007.49 and Palladium fell 1.0% at $631.72. Gold/Silver ratio: 76
Ends
NOTES TO EDITOR
For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 735 253, or email gwyn@directinput.je
GoldMoney
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.
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For further information or interviews please contact Gwyn Garfield-Bennett at Direct Input. Telephone 44 (0)1534 735253 or email gwyn@directinput.je
GoldMoney
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.
Further information:
Visit: Goldmoney.com
