Profit taking gives way to safe haven buying
GoldMoney weekly market report and client metrics
The 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 taking as the motive.
“The volatility in the US and other stock markets is driving interest into precious metals, although platinum has been hit by the Volkswagen diesel debacle. This is due to expectations of a drop in demand for the metal in diesel catalytic converters and conversely palladium has jumped 10% in price as it is used more commonly in petrol cars.
“US Federal Reserve Chairman, Janet Yellen, is due to talk later today and that might give the market some direction after the central bank decided to hold interest rates amid fears a stronger collar could destabilize emerging market economies.”
Week on week price performances
24/09/15 16:00. Gold rose 3.2% to $1,153.93, Silver gained 1.3% to $15.16, Platinum dropped 1.7% to $948.75 and Palladium up 10.3% at $656.75 Gold/Silver ratio: 76
For more information, and to arrange interviews, please contact Emily Cornelius, Communications & PR Tel: 1 647 499 6748 or email: Emily.Cornelius@GoldMoney.com
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