Los Angeles CA, January 9 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Tuesday as Gold dips while dollar gains momentum. Gold is down 0.69 percent to $1,310.60 an ounce after gaining $0.90 on Monday to close at $1,319.70 an ounce.
Silver is down 1.05 percent to $16.92 an ounce after easing $0.07 on Monday to close at $17.10 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 77.18. Platinum is down 0.41 percent to $966.00 an ounce. Palladium is up 0.46 percent to $1,099.00 an ounce.
Gold dipped sharply lower in early trading on Tuesday as the dollar continued to gain momentum while equities opened higher. Profit taking kicked in after Gold posted its fourth consecutive weekly gain on Friday.
Atlanta Fed President Bostic, a voting member of the FOMC, said only two rate hikes may be needed this year. Philly Fed President Harker said essentially the same thing in remarks to the annual American Economic Association last week.
“Expectations of a slower pace of interest-rate hikes by the U.S. Federal Reserve helped to boost Gold prices to 3.5 month highs to start 2018,” said SP Angel last week.
Bloomberg reports that President Trump will soon announce his pick for vice-chairman of the Fed. There are two finalists; Lawrence Lindsay and Mohamed El-Erian, of Pimco fame, who holds a very favorable view of Gold.
Gold Outperforms Most Assets Following Rate Hike
Meanwhile, since the Fed boosted interest rates last month Gold has outperformed most major assets — including bitcoin.
“Since the December hike, Gold is beating stocks, the dollar and bitcoin,” wrote Bloomberg Intelligence analyst Mike McGlone, in a note. “Unless greenback weakness reverses, Gold should shine.”
Since the day before the Fed’s move on Dec. 12, Gold has gained 5.7 percent to $1,314.36 an ounce at the time of this writing, while the S&P 500 Index gained 3.1 percent, bitcoin lost 14 percent, and the dollar fell 1.5 percent.
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