Los Angeles CA, August 30 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Wednesday as Gold dips on mild profit taking while North Korea heats up. Gold is down 0.02 percent to $1,308.30 an ounce after easing $0.90 on Tuesday to close at $1,308.60 an ounce.

Silver is up 0.23 percent to $17.39 an ounce after easing $0.08 on Tuesday to close at $17.35 an ounce. The Gold/Silver ratio rose to 75.42. Platinum is down 0.20 percent to $992.00 an ounce. Palladium is down 1.07 percent to $926.00 an ounce.

Gold dipped in early trading Wednesday after the U.S. Commerce Department released better-than-expected second quarter Gross Domestic Product (GDP) results. GDP increased at a 3 percent annual rate in the second quarter, its fastest pace in more than two years.

Economists were only expecting an upward revision to 2.7 percent from the 2.6 percent reported last month.

Pullbacks In Gold Price Buying Opportunities

Pullbacks in the Gold price could be seen as buying opportunities, says Edward Meir, commodities consultant with INTL FCStone. “Technically, Gold has also busted through $1,300/ounce triple-top resistance rather decisively and so we could see dips rather well supported by chart-based buying.”

The dollar rebounded from the 2-1/2 year low reached after North Korea launched a missile over Japan on Tuesday. Concerns that the provocation by North Korea could trigger an aggressive U.S. response diminished somewhat on Wednesday, but a potentially explosive situation exists.

The United Nations issued a statement on Wednesday condemning North Korea’s missile launch but it refrained from threatening new sanctions. Then President Trump tweeted, “The US has been talking to North Korea, and paying them extortion money, for 25 years.”

That tweet was followed by, “Talking is not the answer.” Combined military exercises with U.N., U.S., and South Korean forces on the Korean Peninsula will end on Thursday.

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