Los Angeles CA, August 29 (Tangible Investments) — by James O’Dell — Precious metals prices added to gains on Tuesday as Gold extends rally after North Korea launches missile over Japan. Gold is up 0.85 percent to $1,320.60 an ounce after soaring $18.70 on Monday to close at $1,309.50 an ounce.

Silver is up 0.86 percent to $17.58 an ounce after climbing $0.48 on Monday to close at $17.43 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 75.13 as Silver outperformed Gold. Platinum is up 1.22 percent to $999.00 an ounce. Palladium is up 0.75 percent to $936.00 an ounce.

Gold rose in early trading Tuesday after North Korea launched a missile that landed in waters east of Hokkaido, Japan. “North Korea’s missiles over the Japanese Hokkaido islands obviously fueled buying for the flight for safety kind of money including the Japanese yen and Gold,” said Yuichi Ikemizu, of ICBC Standard Bank.

The Pentagon confirmed the missile launch but said it did not pose a threat to North America. The launch was seen as a provocation and a destabilizing incident by nations in the region.

Japanese Prime Minister Shinzo Abe called the missile launch an “unprecedented, grave and serious threat that seriously damages peace and security in the region.”

Yellen Silence Cast Doubt On Rate Hikes

Meanwhile, Fed Chair Janet Yellen and European Central Bank (ECB) President Mario Draghi didn’t discuss monetary-policy outlooks during Jackson Hole. From Yellen’s silence investors now have doubts that the Fed will hike interest rates as quickly as first anticipated.

Current “political chaos” together with the recent speeches by these two key central bankers provides the “perfect precious-metals environment,” says TD Securities.

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