Silver as an investment

Dealing Desk: Market Worries see Precious Metals Retreat below Psychological Levels

wealth.goldmoney.com / BY KELLY-ANN KEARSEY / OCTOBER 07, 2016

This week, clients have been net buying gold, silver and palladium whilst selling platinum.

We have seen more buying activity since Tuesday as many clients have been bargain hunting after the large drop in price. As the price has continued to lower throughout the day, more clients are now purchasing and taking advantage of the low prices. Goldmoney Wealth’s clients have favoured the Hong Kong and Singapore vaults followed by the Canadian vault with less preference being shown for the London and Swiss vaults.

Kelly-Ann Kearsey, Dealing Manager at Goldmoney Wealth said that last week saw the gold and silver prices begin to retreat due to a stronger US dollar as well as the US presidential debates. This week has continued much in the same way, the gold price fell below the psychological level of $1,300/oz on Tuesday, dropping 3.3%, which was the first time it had traded at this level since the Brexit vote in June. Meanwhile, silver posted the largest price drop in a day since January 2015.

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