Silver back in the spotlight

Silver back in the spotlight

GoldMoney weekly market report and customer metrics

It has been silver’s turn to shine this week, as it was a clear buying favourite amongst GoldMoney’s customers. Dealing Manager at the online precious metals trader, Kelly-Ann Kearsey said, “Gold rallied to a one week high on Tuesday before slipping back again, but it’s treading water right now. Silver has been far more interesting and is coming from a relatively low price base.

“Gold’s furtunes were hit by a stronger dollar as a result of strong US jobs data. It has given hope to a more imminent rate rise in the US, despite warnings from the IMF that the US and UK should not be in a hurry to raise interest rates while potential repercussions from the Chinese economic slowdown play out.

“While, on the one hand, the Chinese downturn could boost gold’s safehaven appeal, the fact that China is the world’s largest consumer of the yellow metal may result in a reduction in demand.

“There has been the usual flow of metals from the west to the east, but the one new trend we saw last week, which has continued, is an increased interest in physical gold bullion delivery. We have also noticed plenty of customers funding their accounts so that they’re ready to purchase, which is positive. All in all though, it has been silver’s week with more people buying the industrial metal than its higher value yellow cousin.”

Week on week price performances

03/09/15 16:00. Gold up 0.1% to $1,124.16, Silver increased 2.5% to $14.68, Platinum gained 1.1% to $1007.50 and Palladium jumped 5% at $582.47. Gold/Silver ratio: 76

Ends

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