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GoldMoney customers find reasons to buy


GoldMoney customers find reasons to buy

GoldMoney weekly market report and customer metrics

GoldMoney 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 level prices we have seen in the last few days, has meant we have seen plenty of gold buying this week, while silver has been the loser.’

The week’s buying saw a continuation of the trend for gold to flow out of the UK and Switzerland and into the Singapore vaults. Kelly-Ann also noted, ‘We have seen some interest in platinum and palladium this week, which weren’t on offer. Perhaps the positive data coming out of the US has supported these more industrial metals. The better than expected durable goods orders boosted the dollar and US economic recovery hopes. Meanwhile the Pending Home Sales figures out today are also better than anticipated with a nine year high, but this appears to have ignited some inflationary fears which weighed on the dollar and boosted gold’s inflation hedge attraction, bringing prices up from their earlier lows.’

Week on week price performances

28/05/15 16:00. Gold down 2.8% to $1,186.76, Silver off 4.4% to $16.62, Platinum dropped 3.9% to $1,112.00 and Palladium up 0.6% at $781.50. Gold/Silver ratio: 71.41

ends

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