Los Angeles CA, January 25 (Tangible Investments) by James O’Dell Precious metals prices were mixed on Thursday as Gold extends rally Trump in Davos. Gold is up 0.34 percent to $1,362.30 an ounce after rallying $16.80 on Wednesday to close at $1,357.70 an ounce.
Silver is up 0.26 percent to $17.58 an ounce after adding $0.05 on Wednesday to close at $17.03 an ounce. The Gold/Silver ratio rose to 78.74. Platinum is up 1.08 percent to $1,025.00 an ounce. Palladium is down 0.72 percent to $1,096.00 an ounce.
Gold rose in early trading on Thursday with the dollar hovering at three-year lows as Trump arrives in Davos, Switzerland. President Trump arrived in Davos Thursday for the World Economic Forum’s annual meeting with many cabinet members already in attendance.
It’s only the second time a sitting American president has attended the forum, the first was Bill Clinton in 2000. In the meantime, after Treasury Secretary Mnuchin endorsed the greenbacks fall, analysts now believe Gold could quickly rally to $1,400.
It’s quite significant given that this is the first time in a very long time that a Treasury secretary has spoken against a strong dollar, said Sireen Harajli, FX strategist at Mizuho.
Stephen Innes, of Oanda Corp., says that Gold at $1,400 an ounce is achievable within the next two months.
Currency War Starting?
Meanwhile, as markets continue to digest Mnuchin’s comment that a weaker U.S. dollar is good for the U.S. economy, rhetoric of a potential global currency war is gaining traction.
Lukman Otunuga, of FXTM, however, says that it may be too early to declare the start of a currency war. The dollar is likely to remain depressed moving forward, as anxious investors ponder over the possibility of a potential currency war scenario. The dollar index remains heavily bearish on the daily charts with 88.00 in sight, said Otunuga.
[Gold] remains firmly bullish on the daily charts with further upside on the cards amid a vulnerable US Dollar.
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