Gold Consolidates Ahead Of Trump Speech

Gold Consolidates Ahead Of Trump Speech

Gold Consolidates Ahead Of Trump SpeechLos Angeles CA, January 30 (Tangible Investments) by James O’Dell Precious metals prices were mixed on Tuesday as Gold consolidates ahead of Trump speech. Gold is up 0.43 percent to $1,345.60 an ounce after easing $9.40 on Monday to close at $1,339.90 an ounce.

Silver is up 0.58 percent to $17.23 an ounce after sliding $0.26 on Monday to close at $17.13 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 78.22. Platinum is down 0.40 percent to$1,001.00 an ounce. Palladium is down 1.57 percent to $1,063.00 an ounce.

Gold rose in early trading on Tuesday as global stocks tumbled while the Dow braces for another triple-digit decline.

Focusing purely on the technical picture, the yellow metal remains bullish on the daily and weekly charts, says Lukman Otunuga, research analyst at FXTM.

The dollar, which started the week with a move higher, has softened and the precious metals are benefiting. In the meantime, investors are awaiting President Trump’s State-of-the-Union address later today for comments that could boost Gold.

Treasury Secretary Mnuchin gave Gold a boost last week when he said, Obviously a weaker dollar is good for us as it relates to trade and opportunities. Some analysts are calling for Gold to consolidate in the shorter term as it prepares to advance to $1,400 an ounce.

No Change In Policy Expected

Meanwhile, the Federal Open Market Committee (FOMC) meeting will conclude on Wednesday with investors watching for changes in monetary policy. The consensus opinion is that the Fed will allow policy to remain unchanged.

The January meeting will be Fed Chair Janet Yellen’s last policy meeting before her term expires later this week. Yellen will be succeeded by Jerome Powell, a Fed board member and Trump nominee approved by the Senate last week.

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. Take a moment and browse our vast selection of valuable collectibles, then call Toll Free 1.888.655.9255 today.

Let the helpful staff at Tangible Investments, owned and operated by world-renowned coin expert Silvano DiGenova, assist you in your next purchase or sale. You may also wish to click here to check out our eBay store. Tangible Investments is the leading buyer of rare Gold and Silver coins, art, antiques, diamonds, sterling and flatware. We also loan against anything of value and offer more money at half the loan cost. Come in or call 1.888.655.9255 now for a free quote.

Leave a reply