by Kelly-Ann Kearsey
This week, clients have been net selling their silver positions.
This is most likely due to clients speculating on the market and taking advantage of the higher silver prices seen earlier in the week. Most clients have favoured buying gold this week, and some have favoured the purchase of platinum and palladium.
GoldMoney’s clients have continued to favour the Singapore vault along with more interest being shown for the Switzerland vault. Less preference has been shown for the London and Canadian vaults.
Kelly-Ann Kearsey, Dealing Manager at GoldMoney said that precious metals had a strong start to the week, with gold jumping to a three week high on Tuesday when it reached over USD1,260/oz. This was supported by a weaker US Dollar, which has been affected by the doused expectations for hikes in the US interest rates.