Los Angeles CA, December 28 (Tangible Investments) — by James O’Dell — Precious metals prices turned higher on Thursday as Gold gains momentum into New Year. Gold is up 0.57 percent to $1,294.10 an ounce after gaining $3.80 on Wednesday to close at $1,286.80 an ounce.
Silver is up 1.11 percent to $16.85 an ounce after gaining $0.14 on Wednesday to close at $16.66 an ounce. The Gold/Silver ratio fell to 77.24 as Silver outperformed Gold. Platinum is up 0.33 percent to $923.00 an ounce. Palladium is up 0.76 percent to $1,062.00 an ounce.
Gold extended gains in thin holiday trading on Thursday as the dollar fell, together with Treasury bond yields.
“The weakness in the dollar is playing its part,” said Naeem Aslam, chief market analyst at ThinkMarkets. “We do think that this trend will continue into 2018. We expect the Gold price to finish the year above $1,300 mark, and that would send a strong buy signal for traders.”
The yellow metal gained momentum after closing above its 100-day moving average on Wednesday.
“Teeing off [on] a weaker dollar, Gold continues to rally and is now at a one-month high…,” said commodities consultant Edward Meir, of INTL FCStone.
“The precious metal is also benefiting from an increasingly constructive chart picture, with a V-shaped formation taking prices to just below yet another potential breakout level.”
The Streets’ Brian Sozzi writes that “With the new tax plan fanning fears of inflation and exploding U.S. government debt, the Gold bugs have resurfaced.”
Strong Move Up In Gold And Silver Predicted
Egon von Greyerz, Matterhorn Asset Management, AG predicts “The very strong up-move of Gold and Silver in 2018 will take the investment world by surprise. Investors must pay heed and not be left behind.”
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