Los Angeles CA, December 19 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Tuesday. Gold dips as fast tracked Tax Bill nears passage. The yellow metal is down 0.20 percent to $1,259.40 an ounce after gaining $6.80 on Monday to close at $1,261.90.
Silver is down 0.50 percent to $16.05 an ounce after adding $0.07 on Monday to close at $16.13. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 78.23. Platinum is up 0.44 percent to $914.00 an ounce. Palladium is up 0.40 percent to $1,015.00 an ounce.
Gold edged lower in early trading on Tuesday as caution ahead of anticipated passage of fast-tracked tax-bill, weighed on the dollar. Investors remain uncertain about how the last minute changes in the bill will impact economic growth.
Fed Chair Janet Yellen gave her assessment of the tax plan last week saying that she expects to see a short-term bump in the economy but not a longer-term boost. Republican leaders in the House and Senate also face the possibility of a government shutdown when funding runs out on Friday.
Treasury Secretary Steve Mnuchin said Sunday that while he couldn’t rule out a government shutdown, “I can’t imagine it occurring.”
Several Senate GOP leaders including McConnell and Cornyn have been adamant that the government will not be shutdown. “I think we’re determined that it’s not going to happen, and it won’t happen,” said Cornyn last week.
Gold As A Strategic Asset
Meanwhile, the World Gold Council’s Juan Carlos Artigas, calls Gold a strategic asset that investors use to “weather the storm.” Artigas suggests that Gold, when used as insurance, should be held consistently in a portfolio not only when a market correction is suspected.
“If you look at history, you’ve seen these [equities] corrections happen. If you wait until the last minute to protect your portfolio from that correction, you may actually miss it,” said Artigas.
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