Los Angeles CA, June 16 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Friday as Gold firms after hawkish rate hike. Gold is up 0.08 percent to $1,254.70 an ounce after easing $6.40 on Thursday to close at $1,253.70 an ounce.

Silver is down 0.45 percent to $16.66 an ounce after slipping $0.13 on Thursday to close at $16.73 an ounce. The Gold/Silver ratio rose to 74.94. Platinum is up 0.33 percent to $925.00 an ounce. Palladium is up 0.23 percent to $865.00 an ounce.

Gold edged higher in early trading Friday as the yellow metal firms after the pullback following the June policy meeting. “Gold has been spooked by the hawkish tone from the Fed which triggered some long liquidation both in futures and exchange-traded funds,” said Saxo Bank analyst Ole Hansen.

TD Securities says the Fed’s “hawkish” tone may not pan out amid the numerous geopolitical risks still facing markets. “The latest rate hike and the Fed’s ‘hawkish’ stance is more bark than bite as far as the precious metals market is concerned, as we move deeper into 2017. Global financial markets face geopolitical risks such as Brexit, North Korean missiles and the Italian elections,” said TDS analysts.

Veteran trader Ira Epstein of Linn & Associates says “Gold is attempting to bottom out.” The precious metal is now in a consolidation phase after it peaked in 2011, says Epstein. “I think longer-term traders are buying right here, against the 18-month moving average of closes and will likely risk their trade to just under $1,214.30, the most recent swingline low,” says Epstein.

$1300 An Ounce Still on Table

Meanwhile, George Gero, of RBC Wealth Management, says $1,300 an ounce is still doable. Gero says that he will watch for “stalling prices in Gold until after option expiration unless surprise headlines change prices again,” then “back to basics — budgets and geopolitical and political worries, as $1,300 is still on the table.”

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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