Los Angeles CA, October 17 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Tuesday as Gold dips sharply on dollar bounce. Gold is down 0.77 percent to $1,284.50 an ounce after sliding $8.80 on Monday to close at $1,294.50 an ounce.

Silver is down 0.87 percent to $17.06 an ounce after easing $0.20 on Monday to close at $17.21 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 75.22. Platinum is up 0.11 percent to $979.00 an ounce. Palladium is up 1.66 percent to $979.00 an ounce.

Gold dipped sharply, in early trading on Tuesday after a report by Bloomberg said President Trump was leaning towards nominating a more hawkish Fed chair. Trump favors John Taylor, who is said to be inclined to raise interest rates at a faster pace than other contenders.

Trump’s shortlist of contenders for the job also includes Jerome Powell, Gary Cohn, Janet Yellen, and Kevin Warsh.

“Taylor is perceived as more hawkish than Ms.(Janet) Yellen so under his potential tutelage, the central bank might lift borrowing rates more aggressively, which would bolster the dollar’s allure,” said Joe Manimbo, senior market analyst, at Western Union Business Solutions.

Policymakers are currently divided on whether to hike rates again before reaching the Fed’s target rate of two-percent.

Stock Markets Could Correct 40 Percent

Meanwhile, even as Gold backs off from recent highs, Marc Faber, publisher of the popular Gloom Boom & Doom Report, isn’t concerned. “I don’t watch the price every day,” says Faber. “I think we’re getting into an environment where eventually Gold and other precious metals will go up very substantially,” said Faber.

“Since the end of 2015, Gold has outperformed U.S. stocks, so it hasn’t done that badly and I think it will go up much more.” Faber added that he wouldn’t be surprised to see a 40 percent correction in the stock markets.

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