GoldMoney Market Report - Week Ending 13th December: 4:00pm. A Quiet Week Ahead Of Christmas And FOMC

By: GoldMoney | Fri, Dec 13, 2013
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Continued trend of bullion moving from west to east despite quiet week

Gold and silver ended the week on a positive note, as too did Platinum, with Palladium the loser. Gold was up 0.53% to $1236.33, silver rose 0.66% to $19.68 and Platinum gained 0.12% to $1357.84. Loser of the pack Palladium fell 2.21% to $714.82.

GoldMoney which holds 21 tonnes of gold in storage worldwide for its customers, saw a reversal of the recent trend for increased trading. After several weeks of rising trading activity there was an expected drop of 37% as the market winds down for Christmas.

GoldMoney's Head of Dealing, Roland Khounlivong said: 'Whilst we would expect a drop in activity anyway at this time of year, investors are also waiting for the FOMC announcement next week which may account for some of the buyers/sellers waiting on the sidelines.

'There was more selling than buying of gold and silver this week, particularly the former. We also recorded a continuation of the trend we have seen in recent months for customers to move holdings out of Switzerland and into our eastern vaults, most notably Singapore. This move is being made against a backdrop of increased interest in the east for bullion against waning Western demand.'

 


 

GoldMoney

Author: GoldMoney

GoldMoney

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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.

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 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.

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