Metal prices moved positively this week. Silver led with a gain of 2.5% followed by gold at 1.9%
and palladium at 1.2%. Platinum showed a small loss of 0.4%.
GoldMoney customers, who hold almost 21 tons of gold in storage worldwide, increased
their trading activity this week by 39% despite the North American markets closing for the
Thanksgiving holiday. The allocation of trading swung in favour of gold which accounted for
69%. Customer trading in both gold and silver moved from a strong net buy last week to a
marginal net sell this week. General sentiment weakened slightly with the ratio of buyers to
sellers falling to 0.95 from last week’s 0.98.
GoldMoney’s Head of Business Development Andrew McGowan said: ‘We’ve continued to
see some significant buy trades in gold this week although general sentiment remains under
pressure. Interestingly, the decline in the ratio of buyers to sellers was primarily driven by
silver where the ratio fell 14% even though silver showed the largest price increase for the
Amid the bearish sentiments of the gold market, there was an interesting day’s trading on
Monday says Alasdair Macleod, GoldMoney’s Head of Research: ‘At 0600GMT on Monday
morning a seller of 1,500 contracts pushed the price down $11 to $1226.7, forcing a trading
halt for 20 seconds. This appeared to be a deliberate attempt to drive gold down to the $1200
level and beyond by taking out all the stop-loss orders in the market at a quiet time and is a
repetition of tactics employed on several previous occasions. This time it didn’t work and after
the trading halt the price stayed above $1230 before closing strongly up on the day at over
Physical gold demand is unlikely to dwindle thanks to the Asian appetite for the precious metal
says Alasdair: ‘Gold deliveries on the Shanghai Gold Exchange appear to be picking up again,
and net exports for October from Hong Kong hit an all-time high of 131 tonnes (the breakdown
of these figures will be available in mid-December). There is a sense that positive seasonal
factors are likely to generate higher physical demand from Asia, which fails to recognise the
fact that at these low prices it is likely to increase anyway.’
NOTES TO EDITOR
For more information, and to arrange interviews, please call Gwyn Garfield-Bennett on 01534 715411, or email
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.
GoldMoney customers hold almost 21 tons of gold in storage worldwide, and own a combined total of US$1.6
billion in precious metals.
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 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.