Gold Gains Ahead Of Expected Tax Bill Passage

Gold Gains Ahead Of Expected Tax Bill PassageLos Angeles CA, December 18 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Monday as Gold gains ahead of expected Tax Bill passage. Gold is up 0.50 percent to $1,261.40 an ounce after gaining $2.40 on Friday to finish the week at $1,255.10.

Silver is up 0.31 percent to $16.11 an ounce after adding $0.18 on Friday to end the week at $16.06. The Gold/Silver ratio fell to 78.15 as Silver outperformed Gold. Platinum is up 1.91 percent to $909.00 an ounce. Palladium is down 0.39 percent to $1,010.00 an ounce.

Gold was steady in early trading on Monday as equities firmed and the dollar strengthened on expectations the tax-bill will pass. Republican leadership says that the House expects to pass a tax-bill this week, with a Senate vote expected Wednesday.

Expectations that the tax-bill would foster economic growth have bolstered the dollar and weighed on Gold. …”If the whole thing (tax reform) falls apart at the last minute, it would be hugely positive for Gold, but I think that is unlikely,” said analyst Carsten Menke of Julius Baer.

If the tax-bill should pass, analysts believe that while Gold may dip slightly, it’s already largely been priced into the market.

Gen Warns War Possible On Korean Peninsula Within 3 Months

Meanwhile, safe-haven Gold ticked higher on Monday after retired Chinese army general warns that the Korean peninsula could be at war within the next three months. Lieutenant General Wang Hongguang urged China to mobilize its missile defenses in anticipation of conflict in the region.

“The war on the Korean Peninsula might break out any time between now and March next year,” said Lt-Gen Wang.

Last week South Korea’s vice foreign minister Cho Hyun warned the United Nations Security Council that North Korea was “in the final stages of nuclear weaponization.” Cho Hyun warned “it will fundamentally alter the security landscape in the region and beyond,” if Kim Jong-un succeeds in arming a missile with a nuclear warhead.

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