Los Angeles CA, December 29 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Friday with Gold on pace for best year since 2010. Gold is up 0.62 percent to $1,302.70 an ounce after gaining $5.90 on Thursday to close at $1,294.70 an ounce.
Silver is up 0.53 percent to $16.93 an ounce after adding $0.18 on Thursday to close at $16.84 an ounce. The Gold/Silver ratio fell to 76.88. Platinum is up 0.65 percent to $932.00 an ounce. Palladium is down 0.57 percent to $1,052.00 an ounce.
Gold broke above $1,300 an ounce in early trading Friday, and remains on pace to post its best year since 2010, up around 13 percent. The dollar, having its worst year since 2003, fell to three-month lows against a basket of major currencies.
The greenback is being hampered by political and geopolitical tensions including North Korea, the Middle East, and the Russian election tampering investigation. Persistently low inflation is also playing a part in the dollars’ decline and may play a part in the number of rate hikes in 2018.
Fed Chair Janet Yellen conceded in September that the Fed was puzzled by the persistence of unusually low inflation. The Fed concluded that the timing of its interest rate policies may need to be adjusted accordingly.
“It’s all about the dollar,” says George Gero, managing director with RBC Wealth Management.
Gold To Play Greater Role in 2018
Meanwhile, ETF Securities says that Gold will play a greater role in 2018 as a risk management tool and a store of value. “Gold’s potential to serve as a dynamic, multi-faceted, and cost-effective portfolio hedge against many known and unknown risks may be a powerful tool for long term investors,” said Maxwell Gold, director of investment strategy at ETF Securities.
“Against the current backdrop of stretched valuations, rising uncertainty, asset correlations, and record low volatility globally, Gold demand as a risk overlay may continue to rise into 2018,” said Gold.
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