Dealing Manager at the online bullion dealer, Kelly-Ann Kearsey said, ‘Customer activity has certainly been more positive this week. We’ve not seen large orders, but there have been a lot of smaller buys mostly for silver, but also for platinum and palladium. Any selling we’ve seen has come out of the UK and Swiss vaults with Via Mat Hong Kong this week’s favoured destination. Gold activity has been relatively neutral, with around the same amount of buyers to sellers.’
‘Gold’s neutral activity might be a reflection of the market’s focus on the weekend’s Swiss Referendum, as well as the continued strengthening of the dollar. If there is a yes vote and the Swiss central bank has to buy back 1,500 tons of gold, then this will undoubtedly have an impact on the market. At present a “no” vote has been factored into the market and if confirmed would lead to a non-event.’
‘Obviously today has been quiet due to the Thanksgiving holiday in the USA and generally at this time of year, as we head towards Christmas, the markets are quieter. However there are many who think that silver and gold are a good buy at present, with gold in particular failing to break through the resistance level at $1200, so measured buying as opposed to panic safe haven accumulation is likely to be the norm for the rest of this year.’
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