Gold Rebounds After Michael Flynn Pleads Guilty

Gold Rebounds After Michael Flynn Pleads GuiltyLos Angeles CA, December 1 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Friday as Gold rebounds after Michael Flynn pleads guilty. Gold is up 0.73 percent to $1,283.90 an ounce after sliding $8.80 on Thursday to close at $1,274.60 an ounce.

Silver is down 0.06 percent to $16.40 an ounce after easing $0.10 on Thursday to close at $16.34 an ounce. The Gold/Silver ratio fell to 77.67 as Silver outperformed Gold. Platinum is down 0.32 percent to $937.00 an ounce. Palladium is up 0.20 percent to $1,011.00 an ounce.

Gold dipped to a two-week low in early trading on Friday but rebounded sharply after Michael Flynn pled guilty to lying to the FBI.  Flynn is reportedly cooperating with special prosecutor Mueller on the Russia probe.

Meanwhile, Phil Flynn, of Price Futures Group says Gold could see near term support if U.S. tax cuts don’t sail through Congress.  “We [Gold] probably should bounce a little next week,” says Flynn. “We did sort of struggle this week with the expectations that the tax cuts were going to go through. That caused a big rally in the stock market and took some of the luster off of Gold this week.”

The Republican tax plan seemed likely to pass on Thursday, then the Joint Committee on Taxation report was released.  The independent report disclosed that even with economic growth as projected, the tax bill over 10 years would balloon the deficit by $1 trillion. This gave pause for deficit hawks like Sen. Corker.

The tax plan then apparently stalled on a procedural issue, so a vote on the bill was postponed until Friday. Lindsey Graham has just spoken to reporters and announced that Republicans now have the votes to pass the bill.

Senate May Have Enough Votes To Pass Tax Bill

The Senator told reporters that Republicans have enough votes to pass their tax bill. “I now believe it is likely we will pass this bill later today,” said Graham. It’s unclear, however, where Sen. Susan Collins stands after stating she’s still “working through a few more of my issues.”

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