Los Angeles CA, October 30 (Tangible Investments) by James O’ Dell Precious metals prices were mixed on Monday as geopolitical events bolster safe haven Gold. Gold is up 0.20 percent to $1,275.80 an ounce after gaining $7.00 on Friday to end the week at $1,273.20.

Silver is down 0.30 percent to $16.79 an ounce after adding $0.08 on Friday to finish the week at $16.85. The Gold/Silver ratio rose to 75.56. Platinum is up 0.22 percent to $917.00 an ounce. Palladium is down 0.63 percent to $954.00 an ounce.

Gold edged higher on geopolitical and political tensions in early trading Monday ahead of the two-day Federal Open Market Committee (FOMC) meeting starting Tuesday. “The FOMC statement may be shorter with minor technical changes, though its assessment of the economy could be tweaked upward,” says Brown Brothers Harriman.

Investors are awaiting President Trump’s announcement of the next Fed Chair, which he said would be named before his Asia trip.

Meanwhile, safe-haven Gold got a boost when Catalonia declared its independence from Spain on Friday. The Spanish central government in Madrid, however, has since suspended the former Catalan government and charged officials with sedition.

Catalan Leader Escapes To Brussels

Ousted Catalan leader Carles Puigdemont has left Spain with cabinet members and traveled to Brussels, where he was offered asylum.

The developing situation in Catalonia brings the possibility of some near-term support for Gold, but longer term we look for some potential further bullion-supportive news flow from protracted negotiations over the U.S. debt ceiling, tax reform and economic stimulus, said Mitsubishi.

Also, developing in the U.S., Federal indictments were issued against President Trump’s campaign chairman Paul Manafort and an associate. Trump Advisor George Papadopolous pleaded guilty to lying to the FBI. Doubt is cropping up as to whether this administration can push their aggressive Tax Reform policies through Congress. The dollar weakened on news of the indictments.

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