Los Angeles CA, May 16 (Tangible Investments) — by James O’Dell — Gold and Silver prices added to gains in early trading on Tuesday as Gold advances fourth straight day. The precious metal is up 0.66 percent to $1,238.50 an ounce after gaining $2.90 on Monday to close at $1,230.40.
Silver is up 0.87 percent to $16.75 an ounce after surging $0.30 on Monday to close at $16.60. The Gold/Silver ratio fell to 74.12. Platinum is up 1.08 percent to $937.00 an ounce. Palladium is down 0.51 percent to $788.00 an ounce.
Gold edged higher in early trading on Tuesday while the dollar fell to 6-month lows as weaker-than-expected economic data continues. The Commerce Department reports that housing starts fell 2.6 percent in April.
That follows yesterday’s New York Empire State index that fell to -1.0 percent in May well below the +6.3 expected. “In the shorter term it (weaker U.S. data) could lift Gold prices to a certain extent as it ensures the pace of the interest rate hikes do not accelerate,” said Mark To, of Hong Kong’s Wing Fung Financial Group.
Odds for a June rate increase have fallen to 74-percent from 90-percent last week, according to the CME Fedwatch. Let’s see where the rate is when the Federal Open Market Committee (FOMC) meeting rolls around on June 13-14.
President Shares Sensitive Intelligence With Russia
Meanwhile, geopolitics has investors buying safe-haven Gold after President Trump admitted sharing sensitive intelligence with Russia’s foreign minister and ambassador. The president defended his actions by saying, “I have the absolute right” to share information with Russia.
North Korea continues to threaten its neighbors and the U.S. after a successful launching of a mid-range ballistic missile. North Korea is also the prime suspect in the launching of the WannaCry computer virus worldwide on Friday.
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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