Los Angeles CA, September 6 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Wednesday as Gold consolidates above 1300 amid mounting geopolitical tensions. Gold is down 0.04 percent to $1,338.80 an ounce after adding $5.60 on Tuesday to close at $1,339.40 an ounce.

Silver is up 0.39 percent to $17.92 an ounce after easing $0.02 on Tuesday to close at $17.85 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 75.04. Platinum is up 0.40 percent to $1,010.00 an ounce. Palladium is trading flat at $949.00 an ounce.

Gold edged modestly lower in early trading Wednesday as shorter term investors took profits while Gold hovered near one-year highs. Geopolitical tensions are still running high as U.S. and North Korea trade barbs and investors load up on physical Gold.

Following North Korea’s hydrogen bomb test on Sunday, there was a flight to safety on Monday. The yellow metal surged again on Tuesday when North Korea was spotted moving an ICBM missile under the cover of darkness.

“The concern now is that another launch could take place on September 9th, which is the (North Korea’s) Independence Day,” said INTL FCStone analyst Edward Meir. “Rising geopolitical tensions, the hurricane hitting the U.S. and the looming debt ceiling are increasing demand for safe assets,” said Danske Bank analyst Jens Pederson.

Higher Highs And Higher Lows

“The yellow metal has found itself back in fashion, with further upside expected as geopolitical tensions and political uncertainty in Washington accelerate the flight to safety,” says Lukman Otunuga, research analyst at FXTM. “From a technical standpoint, Gold is bullish on the daily charts as there have been consistently higher highs and higher lows.”

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