Los Angeles CA, January 15 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Monday as dollar weakens further Gold extends gains. Gold is up 0.25 percent to $1,340.80 an ounce after gaining $15.50 on Friday to end the week at $1,337.40.
Silver is up 0.67 percent to $17.32 an ounce after gaining $0.24 on Friday to finish the week at $17.20. The Gold/Silver ratio fell to 77.76 as Silver outperformed Gold. Platinum is up 0.40 percent to $996.00 an ounce. Palladium is down 0.18 percent to $1,115.00 an ounce.
Gold hit 4-month highs in early trading on Monday as the dollar fell to three year lows. Today is Dr. Martin Luther King Jr. Day, in the U.S., so trading will likely remain thin.
“Despite the U.S. holiday, the dollar dominated trading on Monday as it headed for a fourth day of declines, weakening against almost every major currency. The euro’s jump weighed on European stocks, while Gold gained,” said Bloomberg on Monday.
“This continues the trend of January being a strong month for precious metals, and suggests that underlying investment demand remains robust,” says BMO Capital Markets analyst Colin Hamilton.
“We are likely to see further short squeezes over the near-term as the metal edges toward USD $1,350 and above this the September 2017 high around USD $1,357,” says MKS PAMP trader Sam Laughlin.
Paul Says Gold In Early Stage Of Bull Market
Meanwhile, Ron Paul argues that Gold should be a part of any monetary reform. “I believe Gold is in the early stage of the third major bull market since 1971, which started two years ago when Gold was $1050/oz. If history is of any benefit, Gold will be used in the coming monetary reform, whether it’s accomplished by the government or the market.
“But if the choice of a monetary unit turns out not related to something tangible, it will prove to be a first in history. Just because our current money is now a total fiat dollar, it can’t be used to justify a market developed fiat currency,” said Paul.
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