Los Angeles CA, September 28 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Thursday as dip in Gold price offers buying opportunity. Gold is up 0.21 percent to $1,285.10 an ounce after sliding $11.20 on Wednesday to close at $1,282.40 an ounce.

Silver is up 0.39 percent to $16.79 an ounce after easing $0.06 on Wednesday to close at $16.72. The Gold/Silver ratio fell to 76.70 as Silver outperformed Gold. Platinum is down 0.11 percent to $917.00 an ounce. Palladium is up 0.32 percent to $927.00 an ounce after Wednesday climbing above platinum for the first time since 2001.

Gold edged higher in early trading on Thursday after hitting six-week lows when the dollar strengthened and bond yields rose. Any further dollar gains and Gold could test the 100-day MA around $1,272 an ounce, says Sam Laughlin, of MKS.

“Geopolitical concerns are still abundant and ETFs [exchange-traded funds] continue to accumulate metal, therefore interest toward $1,271 should act as a short-term buying level,” says Laughlin.

Fund investors are sticking with Gold while demand is underpinned by geopolitical concerns over North Korea’s nuclear program and a vote for independence in Kurdistan, says Saxo Bank’s Ole Hansen.

“The fund long position has not been much reduced in recent weeks even though Gold has retraced half of its July-to-September rally … That indicates Gold is less exposed to a major selloff,” said Hansen.

Palladium Outpaces Platinum

Meanwhile, Platinum and Palladium are both very similar precious metals that are primarily consumed by automakers for catalytic converters. Because Platinum is used in diesel vehicles which have fallen out of favor recently, Palladium is more in demand. “In the long run, we believe Palladium and Platinum could trade at similar levels,” said Samson Li, an analyst with Thomson Reuters GFMS.

“The strength of palladium this year is due to the strong performance of the Chinese auto sector. Sales have been better than expected … Palladium is like a growth stock while Platinum is like a value stock now,” said Li.

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