Gold Gets Boost After President Trump Says Shutdown Government

Gold Gets Boost After President Trump Says Shutdown Government

Gold Gets Boost After President Trump Says Shutdown GovernmentLos Angeles CA, August 23 (Tangible Investments) — by James O’Dell — Precious metals prices rose on Wednesday as Gold gets boost after President Trump says shutdown government. Gold is up 0.31 percent to $1,288.40 an ounce after easing $6.90 on Tuesday to close at $1,284.40 an ounce.

Silver is up 0.27 percent to $17.02 an ounce after easing $0.02 on Tuesday to close at $16.98 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 75.64. Platinum is up 0.31 percent to $979.00 an ounce. Palladium is up 0.33 percent to $925.00 an ounce.

Gold edged higher in early trading on Wednesday as the dollar inched lower after President Trump implied that a government shutdown may be ahead, if he doesn’t get funding for his proposed wall along our border with Mexico.

Also bolstering Gold is the imposition of tough sanctions against Russian and Chinese entities that advanced North Korea’s weapons programs. The Treasury Department sanctioned 10 companies and six individuals on Tuesday and China is already crying foul.

China’s Foreign Ministry insists that its government has complied with all U.N. Security Council resolutions on North Korea. China warns that the sanctions could affect ties between our countries and demands that the U.S. immediately withdraw them.

Jackson Hole Symposium

Meanwhile, focus is on the 3-day Jackson Hole Symposium starting Thursday with investors awaiting speeches by prominent central bankers.

“Gold’s kind of hanging in there before this Jackson Hole meeting. It is in a wait-and-see mode but we should have a better idea of direction by the end of this week,” said Fawad Razaqzada, a technical analyst at FOREX.com.

Gold could see more action on Friday when both Fed Chair Janet Yellen and ECB President Mario Draghi will speak.

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