Los Angeles CA, August 1 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Tuesday after Gold posts biggest monthly advance since February. Gold is up 0.14 percent to $1,270.60 an ounce after easing $0.30 on Monday to close at $1,268.80.

Silver is down 0.12 percent to $16.79 an ounce after gaining $0.07 on Monday to close at $16.81. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 75.48. Platinum is up 0.64 percent to $945.00 an ounce. Palladium is up 114 percent to $886.00 an ounce.

Gold edged up in early trading on Tuesday amid mild bargain hunting as the dollar held close to 14-month lows. Experts say Gold is poised to move higher after rallying 2.2-percent in July and posting its biggest monthly advance since February.

“Yesterday for the first time on a monthly close, Gold broke above a downtrend that had prevailed since the high in 2011. This is quite a bullish technical signal and potentially demonstrating the start of a new trend,” said Mitsubishi’s Jonathan Butler.

The uncertainty surrounding future rate hikes in the U.S. should help underpin Gold, says TD Securities. Concerns that low inflation will prevent another rate hike this year played a role in Gold’s recent rally, they added.

“Economic concerns should keep rates low in the U.S., and along with the ECB [European Central Bank] delaying to start winding down its asset-purchase program, will likely continue to keep Gold bid into the summer,” said TDS.

LBMA Reveals Amount Of Gold And Silver In Vaults

Meanwhile, on Monday, the London Bullion Market Association (LBMA) released the amount of Gold and Silver stored within its vaults. “As at 31 March, 2017 there were 7,449 tons of Gold, valued at $298 billion and 32,078 tons of Silver valued at $19 billion. This equates to approximately 596,000 Gold bars and 1,069,255 Silver bars,” said the LBMA in a press release on Monday.

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