Los Angeles CA, July 6 (Tangible Investments) — by James O’Dell — Precious metals prices were lower in early trading on Thursday as big bank sticks with 1400 Gold Prediction. Gold is down 0.31 percent to $1,222.90 an ounce after gaining $6.00 on Wednesday to close at $1,226.70.

Silver is down 0.56 percent to $15.98 an ounce after easing $0.04 on Wednesday to close at $16.07. The Gold/Silver ratio rose to 76.33. Platinum is down 0.44 percent to $904.00 an ounce. Palladium is down 0.12 percent to $837.00 an ounce.

Gold dipped in early trading on Thursday as investors digest minutes from the June Federal Reserve meeting released on Wednesday. The minutes failed, however, to provide a clear picture on future rate hikes, as policymakers were divided on inflation projections.

“The latest Fed minutes indicate that (Chair) Janet Yellen is preparing the ground work for unwinding its balance sheet at the end of the year and markets aren’t expecting large interest rate increases for now,” said David Madden, markets analyst at CMC Markets.

Bank of America Merrill Lynch analysts on Thursday repeated their prediction that Gold could end 2017 around $1,400 an ounce. “Our view is driven by concerns over global growth, which could lead to an increase of cross asset volatility. In addition, our economists believe that continued Fed rate hikes in an environment of falling inflation may be increasingly difficult to justify,” said the analysts. Should BAML’s prediction be realized, it would represent a gain of more than 14 percent above current prices.

Safe Haven Buying Emerges Over North Korea

Meanwhile, safe-haven Gold found support after North Korea successfully tested a long range missile capable of reaching the United States. “Safe-haven buying remerged in the Gold market after the latest missile test in North Korea,” said Daniel Hynes, of ANZ.

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