Los Angeles CA, August 15 (Tangible Investments) — by James O’Dell — Precious metals prices turned lower in early trading on Tuesday while Gold dips sharply as geopolitical tensions ease. Gold is down 0.72 percent to $1,272.40 an ounce after easing $7.10 on Monday to close at $1,281.60 an ounce.

Silver is down 2.46 percent to $16.64 an ounce after easing $0.04 on Monday to close at $17.06 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 75.12. Platinum is down 1.45 percent to $957.00 an ounce. Palladium is down 0.34 percent to $883.00 an ounce.

Gold extended losses in early trading Tuesday as tensions eased over North Korea’s threat to launch missiles at sovereign US Territories. The North Korean leader Kim Jong Un, said Tuesday he would postpone his previous decision to fire missiles towards Guam.

South Korean President Moon Jae-in said Tuesday that without Seoul’s consent there would be no military action.  Moon added that his government would use all means to prevent war. “The government, putting everything on the line, will block war by all means,” said Moon.

“Military action on the Korean peninsula can only be decided by South Korea and no one else can decide to take military action without the consent of South Korea,” said Moon.

“Global tensions seem now to be ratcheting down,” said Robin Bhar, of Societe Generale. “Investors are looking to liquidate (positions in Gold) and pickup some more risky assets.”

Professor Says Remain Cautious On North Korea

Kim Dong-yub, professor and military expert at Kyungnam University’s Institute of Far Eastern Studies in Seoul, has urged caution, however. The professor says that officials should not believe North Korea was bluffing with its threats to launch the missiles.

“There is no stepping back for North Korea. Those who don’t know the North very well fall into this trap every time (thinking they are easing threats) but we’ve seen this before.”

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