Los Angeles CA, April 24 (Tangible Investments) – by James O’Dell – Precious metals prices turned lower in early trading on Monday as Gold dips sharply after French elections. Gold is down 0.75 percent to $1,274.30 an ounce after gaining $2.20 on Friday to end the week at $1,281.70.

Silver is down 0.06 percent to $17.89 an ounce after easing $0.10 on Friday to finish the week at $17.90. The Gold/Silver ratio rose to 71.73. Platinum is down 1.03 percent to $960.00 an ounce. Palladium is up 0.25 percent to $796.00.

Gold retreated sharply in a knee-jerk reaction to the relief investors felt following the first round of elections in France. The French seem to prefer centrist but novice politician, Emmanuel Macron, to politically savvy far-right candidate Marine Le Pen. An Ipsos poll showed Macron with 62 percent support in the May 7th runoff versus 38 percent for Le Pen.

Investors Use Pullback To Add To Holdings

“The euro climbed two cents against the U.S. dollar while the spread between German and French 10-year bond yields narrowed to the lowest since late January,” said SP Angel. “U.S. Treasuries were down, with Gold and (the Japanese) yen both down around 1 percent this morning.” Investors will use this as an opportunity to add physical Gold and Silver to their holdings.

“There’s an appetite for storehouses of wealth at this point,” said Peter Sorrentino, of Comerica Asset Management Group.

North Koreans Threaten To Sink U.S. Carrier

Meanwhile, tensions ratcheted higher between the U.S. and North Korea as the USS Carl Vinson arrived off the Korean peninsula. Pyongyang was angered by the deployment of the U.S. strike force and called it “an extremely dangerous act by those who plan a nuclear war to invade the North.”

On Monday, U.S. ambassador to the United Nations, Nicky Haley, warned that the U.S. would not ignore North Korean aggression. “The United States is not looking for a fight so don’t give us a reason to have one,” said Haley.

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