Los Angeles CA, November 20 (Tangible Investments) by James O’ Dell Precious metals prices turned sharply lower on Monday as Dollar Strengthens On Merkel Setback Gold Dips . Gold is down 1.28 percent to $1,276.80 an ounce after soaring $15.10 on Friday to end the week at $1,293.40.

Silver is down 2.46 percent to $16.85 an ounce after gaining $0.22 on Friday to finish the week at $17.28. The Gold/Silver ratio fell to 74.85. Platinum is down 2.85 percent to $921.00 an ounce. Palladium is down 0.81 percent to $980.00 an ounce.

Gold dipped in early trading Monday as the dollar rose following German Chancellor Merkel’s failure to form a coalition government. Safe-haven Gold got a boost due to the political uncertainty this created in Germany, according to Commerzbank.

As a result, Gold in euro terms has climbed back above the 1,100 euros per troy ounce mark, said Commerzbank. There has rarely been such political uncertainty in Germany at any time in the country’s post-war history, added Commerzbank.

Meanwhile, in the U.S. focus shifts to the Senate now that the House passed its version of the tax plan. “Attention has shifted to (the tax bill’s) prospects in the Senate where we think the measure faces a more uncertain path,” said INTL FCStone’s analyst Edward Meir, in a note.

Stock Market Could Be Vulnerable

Brown Brothers Harriman says the stock market could be vulnerable should passage of tax-reform have trouble gaining congressional approval. U.S. tax reform made important progress last week, said BBH.

A vote on the Senate floor could come when lawmakers return from the Thanksgiving holiday break. However, we are skeptical that the bill can pass in its current form, said BBH. The regressive nature of the proposals and the divisive inclusion of the repeal of the individual mandate for the Affordable Care Act will produce at least three defections from the Republican Party.

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