Los Angeles CA, July 5 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Wednesday as Gold edges higher ahead of FOMC minutes release. Gold is up 0.09 percent to $1,220.80 an ounce after tumbling $21.50 on Monday to close at $1,219.70.

Silver is down 1.30 percent to $15.90 an ounce after plunging $0.49 on Monday to close at $16.11. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 75.71. Platinum is down 0.55 percent to $899.00 an ounce. Palladium is down 0.71 percent to $838.00 an ounce.

Gold edged higher in early trading on Wednesday after hitting 7-week lows on Monday in thin holiday trading as the dollar rebounded. Markets in the U.S. were closed on Tuesday in celebration of the July 4th holiday.

Focus now shifts to the release of the June minutes of the FOMC meeting for clues about future rate hikes. “Moving forward this week, important US economic data will be the likely driver for the precious metals. Specifically, the FOMC minutes from June on Wednesday, along with the June jobs report on Friday, will be the major events this week with the potential to shift Gold sentiment,” says TD Securities’ commodity strategists Ryan McKay and Daniel Ghali.

Dennis Gartman, of The Gartman Letter says he’s “reasonably impressed” with Gold’s performance in light of crude oil’s recent struggles. “Given the fact that crude has been under some very real pressure over the last month or so, you have to be reasonably impressed that Gold has, at least, held its own,” says Gartman.

Good Buying Opportunity

Meanwhile, UBS’ Wayne Gordon says that with Gold prices near $1,220 an ounce, he sees a good buying opportunity. “We’re not saying we have a bullish bias; we’re not saying we have a bearish bias,” says Gordon.

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