GoldMoney customers react to Washington impasse news
Following last week’s uncertainty over whether the Republicans and Democrats could forge a deal to prevent America defaulting on its debt payments, the impending deadline and increased urgency in negotiations appears to have encouraged significant trading in physical gold.
Andrew McGowan, Head of Business Development at GoldMoney said: “Having seen slightly reduced trading volumes in the middle of last week, GoldMoney customers have significantly increased their trading activity in gold since Friday afternoon running on Monday at 42% above the average levels seen over the previous 4 weeks. The trading bias remains marginally towards a net sell of gold across the main customer categories. Trading in gold today is on track to surpass the activity peak we saw on Monday. In contrast, trading activity in silver remains in line with average levels over the last month.”
GoldMoney has just under 23,000 customers worldwide with almost 21 tons of gold in storage, currently worth about US$850 million. GoldMoney also provides facilities for trading and storage of silver, platinum and palladium. These together with gold amount to a total of US$1.6 billion of precious metal in storage. The Jersey based company was established in 2001 and uses storage facilities provided by the leading non-bank vault providers in Canada, Hong Kong, Singapore, Switzerland and the UK.
NOTES TO EDITOR
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GoldMoney is one of the world’s leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.
Historically gold has been an excellent way to preserve purchasing power over long periods of time. For example, today it takes almost the same amount of gold to buy a barrel of crude oil as it did 60 years ago which is in stark contrast to the price of oil in terms of national currencies such as the US dollar.
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.
GoldMoney has its headquarters in Jersey and also has offices in London and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink’s, Via Mat, Malca-Amit, G4S and Rhenus Logistics.