24 November 2010
Physical Gold and Silver Buying slows to a trickle ahead of thanksgiving weekend
US Holiday impacts precious metal buying activity
Firmer Gold prices, geo political risk, Korea, and the Irish bailout, so far all failed to encourage physical buyers to take the plunge this week. Also a strange air of inertia appears to have gripped precious metals markets, possibly as investors wait to see the unfolding Eurozone crisis develops and how forex currency trading will set the tone for the dollar and precious metals.
At BullionSupermarket.com, while traffic and interest has remained steady, users going on to purchase precious metal fell to a trickle, as the traditional thanksgiving holiday approached.
The seasonal lul in activity has the effect of depressing premiums in the US market with, Fixed price 1 ounce Gold bars in the US were trading at 7.3% over Wednesdays Gold fix.
Fixed price 100 ounce Silver meanwhile was priced with slightly elevated premiums at 11.01% over the silver price.
BullionSupermarket.com again upgraded systems on Wednesday to update price overview sections and improve system response times.