Los Angeles CA, November 16 (Tangible Investments) by James O’ Dell Precious metals prices were mixed on Thursday as Gold edges higher on weak manufacturing data. Gold is up 0.19 percent to $1,280.00 an ounce after easing $2.20 on Wednesday to close at $1,277.60 an ounce.

Silver is up 0.53 percent to $17.04 an ounce after slipping $0.06 on Wednesday to close at $16.95 an ounce. The Gold/Silver ratio rose to 75.37. Platinum is trading flat at $929.00 an ounce. Palladium is down 0.20 percent to $977.00 an ounce.

Gold rose slightly in early trading on Thursday following weaker-than-expected manufacturing data for November from the Philly Fed. The manufacturing index fell in November to 22.7 which was well below economists’ expectations of 24.1.

The yellow metal remains underpinned by a weaker dollar and mounting doubts that the House or Senate tax plans will pass. Senator Ron Johnson of Wisconsin said on Thursday that he would not vote for the Senate version of the tax plan. If they can pass it without me, let them, said Johnson.

The House complicated the reconciliation process for their tax plan by adding language that repeals the ACA individual mandate.

Geopolitical Concerns Driving Safe Haven Gold

In the meantime, higher demand for safe-haven Gold is being driven by several geopolitical and financial concerns. For instance, experts worry that Venezuela’s economy is close to full collapse. Just 16 years ago Venezuela was the richest country in South America.

This week there was a coup in Zimbabwe and its long-time ruler Mugabe is under house arrest. Chatter is that China may have played a role in the coup. Zimbabwean General Constantino Chiwenga, visited Beijing just last week, days before tanks took over the streets of Harare.

Meanwhile, the Saudi consolidation of power and the threat of retaliation against Iran for arming Yemeni terrorists remains a Middle East concern.

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