Gold back in favour, but silver out-shines

GoldMoney weekly market report and customer metrics

After a hesitant week ahead of the Federal Reserve Open Market Committee minutes being released, gold saw a flurry of interest today.

Gold in Favour

Gold prices edged lower Tuesday ahead of Janet Yellen’s much anticipated comments, says

Kelly-Ann Kearsey, Dealing Manager at online precious metals dealer, GoldMoney. ‘Our customers were definitely sitting on the sidelines with customer activity at a real low just ahead of the release.  The message was that the Federal Open Market Committee (FOMC) still wants to prime the markets for a hike, but it is taking a more dovish stance which has been enough to send our customers back to gold buying, as both gold and oil prices saw a quick rebound and the dollar dipped.’

But… Silver also shines

It has not been a clear cut preference though, Kelly-Ann says, ‘While there have been more buyers of gold, there have been larger orders for silver which has been reflected in a slight improvement in silver’s ratio against the yellow metal.  Nevertheless, silver still remains relatively cheap compared to gold. It will be interesting to see if this week’s return to silver will be maintained.’

Platinum plummet

Meanwhile, platinum has fallen 8% since the start of the year and still remains below the gold price. ‘We have seen more buying across all our metals, including some interest in platinum.’ Says Kelly-Ann, ‘However the demand fundamentals for platinum, with a reduction in diesel car manufacturing in Europe, seem to be against it from the industrial point of view, and it will remain to be seen where the metal heads longer term.’

Eastern promise

The two Singapore vaults have seen the most buying interest again this week, with Canada coming in third. The Canadian vault has seen more buying going into it in the last few weeks. ‘The shift of precious metals to the eastern vaults has been ongoing for some time, and we are unlikely to see this changing.’ Says Kelly-Ann.

What next?

Today is the final day of the London Gold Fix, with tomorrow (Friday) the  start of the electronic London Bullion Market Association Gold Price. ‘While this is unlikely to affect customer activity,’ says Kelly-Ann, ‘It will provide market commentators with some interest. Meanwhile, for our customers, there is more US data out next week which will give further direction to the market and indication of when those US rates might rise.'

Net USD Gold Orders per day vs Gold Daily Performance

19/03/15 16:00. Gold up 1.7% to $1,170.52, Silver up 3.8% to $16.10, Platinum up 0.5% to $1,119.15 and Palladium down 2.3% to $767.25.

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, 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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