Gold Gets Boost After Senate Healthcare Bill Fails

Gold Gets Boost After Senate Healthcare Bill Fails

Gold Gets Boost After Senate Healthcare Bill FailsLos Angeles CA, July 18 (Tangible Investments) — by James O’Dell — Precious metals prices gained momentum in early trading on Tuesday as Gold gets boost after Senate Healthcare Bill fails. Gold is up 0.61 percent to $1,241.20 an ounce after rising $5.30 on Monday to close at $1,233.70 an ounce.

Silver is up 0.68 percent to $16.19 an ounce after gaining $0.13 on Monday to close at $16.08 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 76.72. Platinum is up 0.54 percent to $930.00 an ounce. Palladium is up 0.23 percent to $864.00 an ounce.

The rally continued in Gold in early trading Tuesday as the dollar slipped after the Senate postponed voting on Healthcare. The dollar hit a 10-month low against a basket of major currencies, after Republican lawmakers were unable to garner enough votes for a plan that would repeal the Affordable Care Act and replace it with the AHCA.

Concerns are increasing among investors about President Trump’s ability to get his legislation and promised tax cuts through Congress.

“At some point, equity markets are going to have to adjust if Trump’s policies can’t go through, and that suddenly makes Gold very interesting,” said Martin Murenbeeld, president of Murenbeeld & Co.

Expectations Of More Rate Hikes Diminishing

Expectations for further interest rate increases this year are diminishing following a raft of weaker-than-expected economic reports, which underpinned Gold. “The Fed is unlikely to be able to increase rates again soon, possibly not again this year, and it will certainly not rush to reduce its balance sheet,” said ICBC Standard Bank analysts, in a note.

“We see Gold averaging around $1,300 over the third quarter,” said Warren Patterson, ING commodities strategist. “Indian imports are rising after the very poor year last year. We expect that trend to continue even with the tax changes.”

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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