by Kelly-Ann Kearsey
Gold Money
This week, clients have been net buying all precious metals with some clients taking advantage of the higher pricing to sell their metal.
Overall, clients showed a preference for gold and silver this week. It appears that many clients are supporting the precious metals in times of economic turmoil.
GoldMoney’s clients have preferred the Singapore vaults, with less favour being seen this week for the London and Swiss vaults.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney, says: in the news this week, it was announced that India has reintroduced a local sales tax on gold on top of record import duties. This could be seen as a dampener on the yellow metal as India is the world’s second biggest consumer of gold. There is some thought that this may affect the level of demand from Indian consumers.