Los Angeles CA, May 15 (Tangible Investments) — by James O’Dell — Precious metals prices advanced in early trading on Monday as global cyberattacks North Korea underpin Gold. The yellow metal is up 0.49 percent to $1,233.70 an ounce after gaining $2.90 on Friday to end the week at $1,227.70.

Silver is up 0.77 percent to $16.43 an ounce after gaining $0.14 on Friday to finish the week at $16.30. The Gold/Silver ratio fell to 74.68. Platinum is up 1.31 percent to $931.00 an ounce. Palladium is up 1.24 percent to $815.00 an ounce.

Missiles, Geopolitics and Cyberattacks

Gold hit two-week highs in early trading on Monday following a worldwide cyberattack and another missile test by North Korea. European countries were the hardest hit when the WannaCry virus was unleashed on Friday, May 12th.
Many banks, hospitals, and government agencies have been forced to close and the virus continues to spread even today. The UN Security Council will meet on Tuesday to discuss North Korea’s missile launch and any possible sanctions.
“The weekend missile test by North Korea continues to keep tensions high in the region but the distraction of the recent firing of FBI Director [James] Comey may be playing a larger role in the recent [Gold] reversal,” said Peter Hug, global trading director at Kitco Metals.

“The distraction of the Comey firing has the administration on the defensive and speculation is growing that President Trump’s agenda [pushing tax cuts and other generally stock-market friendly initiatives] may be at best delayed or possibly derailed.”

Weak Economic Data

Meanwhile, the latest raft of weaker-than-expected economic data has lowered expectations of aggressive rate hikes by the Fed this year.  U.S. retails sales rose just 0.4 percent well below the 6 percent that economists were expecting in April. The core index for CPI which excludes volatile food and energy sectors also missed expectations.

It’s important to protect your hard earned wealth during these times of economic and geopolitical uncertainty. At Tangible Investments, it doesn’t matter whether you’re new to precious metals or a seasoned veteran, you will always be dealing with top industry experts.

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