Gold On Pace For Third Straight Monthly Advance
Los Angeles CA, January 31 (Tangible Investments) â€” by James Oâ€™Dell â€” Precious metals prices were mixed on Wednesday with Gold on pace for third straight monthly advance. Gold is up 0.17 percent to $1,340.40 an ounce after easing $1.80 on Tuesday to close at $1,338.10 an ounce.
Silver is up 0.76 percent to $17.23 an ounce after easing $0.03 on Tuesday to close at $17.10 an ounce. The Gold/Silver ratio rose to 78.25. Platinum is up 0.50 percent to $1,000.00 an ounce. Palladium is down 2.10 percent to $1,027.00 an ounce.
Gold rose but continues sideways in early trading Wednesday as the dollar weakened ahead of FOMC policy statement later today. Policymakers are expected to leave interest rates unchanged at Fed Chair Janet Yellen’s last policy meeting.
â€œGold is likely to consolidate in the near term even though the metal may be headed toward $1,400 an ounce yet this year, said TD Securities.
Gold remains on pace for a third straight monthly advance after gaining nearly 3-1/2 percent in January.
â€œThe Gold chart looks a lot like the commodity chart, like itâ€™s pacing out, about to break higher. And with the dollar getting weaker, I think you stay with that systematic positioning. Iâ€™ve been recommending Gold for a couple of years,â€ says bond expert, Jeffrey Gundlach, of DoubleLine Capital.
Gundlach continued by saying that â€œdollar cycles are persistent and fairly predictable . . . We had a big down year in 2017, which was against all consensus forecast. And in 2018, the dollar is off to a bad start. And usually when you have a bad year, it is followed by one or two more bad years.â€
Trump’s Speech Didn’t Help Dollar
Meanwhile, President Trumpâ€™s State of the Union speech â€œoffered no lifeline for the dollar,â€ said Brown Brothers Harriman. Trump’s focus was on the strength of the economy, says BBH. â€œHowever, details of his proposed plan to boost infrastructure spending were lacking.â€
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