Gold Price Seen As Buying Opportunity

Gold Price Seen As Buying Opportunity

Gold Price Seen As Buying OpportunityLos Angeles CA, June 30 (Tangible Investments) — by James O’Dell — Precious metals prices eased in early trading on Friday even as the Gold price seen as buying opportunity. Gold is down 0.15 percent to $1,243.50 an ounce after slipping $3.40 on Thursday to close at $1,245.40 an ounce.

Silver is down 0.36 percent to $16.52 an ounce after easing $0.20 on Thursday to close at $16.58 an ounce. The Gold/Silver ratio rose to 75.11. Platinum is up 0.44 percent to $922.00 an ounce. Palladium is down 1.18 percent to $837.00 an ounce.

Gold eased modestly Friday while remaining on pace for its first monthly loss of the year as bond yields rose. Yields on 10-year U.S. Treasury notes climbed sharply on Thursday for the third consecutive day.

“That said, the current price level [of Gold] is clearly also viewed as an attractive buying opportunity given that the Gold ETFs tracked by Bloomberg recorded inflows of nearly four tons yesterday,” said Commerzbank. “ETFs have thus seen inflows of a good nine tons of Gold in the past three days of trading.”

Geopolitics Could Support Gold In 2nd Half

Meanwhile, a note from Bank of America Merrill Lynch’s commodity team, says geopolitics could bolster precious metals in second half. “Rising cross-asset volatility through 2H17 and a potentially less hawkish Fed against subdued inflationary pressures should support Gold.” wrote B. of A. analysts.

“With hawkish comments this week from central-bank heavyweights sparking speculation that the era of cheap money is coming to an end, Gold may struggle to maintain its ground in the short term,” says FXTM research analyst Lukman Otunuga.

“Still,” he adds, “As the Brexit woes, political uncertainty in Washington and concerns over oil’s oversupply trigger risk aversion, safe-haven assets such as Gold are likely to remain supported in the longer term.”

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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