Los Angeles CA, August 31 (Tangible Investments) — by James O’Dell — Precious metals prices turn higher across the board on Thursday while Gold extends rally as threat by North Korea looms. Gold is up 0.73 percent to $1,317.60 an ounce after easing $0.50 on Wednesday to close at $1,308.10 an ounce.

Silver is up 0.72 percent to $17.51 an ounce after easing $0.05 on Wednesday to close at $17.30 an ounce. The Gold/Silver ratio rose to 75.61. Platinum is up 0.40 percent to $994.00 an ounce. Palladium is up 0.43 percent to $926.00 an ounce.

Gold rose in early trading Thursday amid growing global tensions after North Korea launched a missile over Japan on Tuesday.  North Korean media said the launch was “the first step of the military operation of the (North Korean military) in the Pacific and a meaningful prelude to containing Guam.”

South Korean President Moon Jae-in and Japanese Prime Minister Shinzo Abe released a joint statement through South Korean presidential spokesman. “Pressure on North Korea should be raised to its limit so that North Korea will voluntarily come to the table for dialogue.”

Prime Minister Abe And President Trump Agree On Response To North Korea

The governor’s office on Guam issued a statement saying there is no change in the island’s threat level. PM Abe told reporters that he spoke with President Trump by phone late Wednesday. “I cannot tell you about our forthcoming response to North Korea, but we have just completely agreed on it,” said Abe.

“The North Korean missile test … helped Gold burst decisively through $1,300 an ounce triple-top resistance, said INTL FCStone’s Edward Meir. “It will be interesting to see if further chart-based buying materializes now that this triple-top has been breached, especially on any dips.”

Meanwhile, Sean Lusk, of Walsh Trading says price declines in Gold and Silver are likely to be buying opportunities.

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