Dealing Desk: Silver in the spotlight

GoldMoney customers have had a busy few days with trading volumes up on the previous week.

Kelly-Ann Kearsey, Dealing Manager, at the online bullion dealer GoldMoney, said: 'Silver has been the centre of attention for our customers with its current price bringing out the bargain hunters. Gold saw a three day rally which encouraged some profit taking, but the market overall is being run by US data.'

'Next Wednesday's Federal Open Market Committee (FOMC) meeting will provide some focus for the US economy. Today's retail sales figures, along with last week's better than expected US jobs data, boosted US economic prospects and the attraction of the dollar. The greenback had somewhat of a lull earlier this week, potentially hit by World Bank and IMF warnings to the FOMC not to raise interest rates before next year, but with each set of positive data it is likely to grow in strength.'

'Platinum and palladium remained stable this week, with minimal customer activity compared to the much more volatile silver. The gold selling we have seen this week has come out of Switzerland, with a good percentage of the buying heading east into Singapore and Hong Kong.'

'The continuing talks over Greek's debt situation has boosted safe haven support for gold, but, the deadline is looming and there will have to be an outcome for this situation before the end of the month.'

Week on week price performances

11/06/15 16:00. Gold down 1.0% to $1,175.06, Silver off 2.6% to $16.19, Platinum down 1.7% to $1,093.65 and Palladium down 3.7% at $752.35.

Ends

 

NOTES TO EDITOR

For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email [email protected]

GoldMoney

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