Los Angeles CA, July 21 (Tangible Investments) — by James O’Dell — Precious metals prices rose in early trading on Friday while Gold extends rally as dollar tumbles. Gold is up 0.68 percent to $1,252.50 an ounce after gaining $3.00 on Thursday to close at $1,244.00 an ounce.

Silver is up 0.83 percent to $16.44 an ounce after advancing $0.05 on Thursday to close at $16.30 an ounce. The Gold/Silver ratio fell to 76.32. Platinum is up 0.54 percent to $931.00 an ounce. Palladium is up 0.12 percent to $844.00 an ounce.

Gold remains on pace for its biggest weekly advance since May in early trading Friday after dollar hits 13-month low. Gold has broken above resistance at both its 100- and 50-day moving averages, both residing just below $1,250.

“We look to a break through the 100- and 50-day moving averages as a pivot point for further gains,” said MKS PAMP trader Sam Laughlin.

The yellow metal continues to benefit from the dollar’s weakness against the euro which has rallied to a 14-month high. “A mix of geopolitical risks and a leg lower to the USD [U.S. dollar] supported bullion on Thursday, turning bid in New York to book the highest close since late June,” said Laughlin.

Also weighing on the dollar are reports that Donald Trump’s legal team are examining ways of allowing the President to pardon himself, while they look for ways to discredit Mueller’s Team.

Lower Inflation Expectations

Meanwhile, it appears from recently lowered inflation expectations that the major central banks of the world are in no big hurry after all, to tighten their monetary policies.

With geopolitical risks rising in the U.S., Fed Chair Janet Yellen even turned dovish recently, suggesting that future rate hikes will be more gradual. European Central Bank (ECB) President Mario Draghi sounded dovish as well, Thursday, when he kept rates steady at the ECB after hinting at tightening.

It’s important to protect your hard earned wealth during these times of economic and geopolitical uncertainty. At Tangible Investments, it doesn’t matter whether you’re new to precious metals or a seasoned veteran, you will always be dealing with top industry experts.

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