Bargain hunting and some Sterling good buys

GoldMoney weekly market report and customer metrics

It’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 engage in some profit taking before the slip, but the last few days have been dominated by buying as the lower price and the Greek uncertainty encouraged safe haven buying.

‘It’s not just gold which has benefited. Silver and platinum have also been on the shopping list for GoldMoney customers keen to snap up the metals at their bargain pricing. Both metals have industrial usage so an improving economic climate will up their demand.

‘UK data showing mortgage approvals hitting a ten month high in May helped Sterling rise sharply on the foreign exchange market and concurrently decreased the relative price of gold which has now hit a seven month low in Sterling.

‘Looking forward if the economic news remains positive we’re likely to also see some gold purchasing as an inflation hedge. 

Of course the Greek debt situation is currently dominating minds and markets. The final hours have come and with still no deal, there are concerns it could result in an exit of the country from the Euro with global economic repercussions. For now all the markets can do is wait and see.’

Week on week price performances

25/06/15 16:00. Gold down 2.4% to $1,172.60, Silver slipped 3.3% to $15.81, Platinum off 0.3% to $1,078.75 and Palladium down 6.2% at $676.75.

Ends

For further information or interviews please contact Gwyn Garfield-Bennett at Direct Input. Telephone 44 (0)1534 715411 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.

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