Los Angeles CA, November 21 (Tangible Investments) by James O’ Dell Precious metals prices rose on Tuesday as Gold rebounds ahead of Fed minutes release. Gold is up 0.40 percent to $1,281.10 an ounce after tumbling $17.40 on Monday to close at $1,276.00.

Silver is up 0.77 percent to $16.99 an ounce after sliding $0.42 on Monday to close at $16.86. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 75.68. Platinum is up 0.98 percent to $930.00 an ounce. Palladium is up 0.41 percent to $986.00 an ounce.

Gold rebounded in early trading on Tuesday after a sharp decline on Monday after German Chancellor Merkel’s talks on forming a coalition government failed. Merkel said on Tuesday that she would rather face new elections than lead a minority government.

Demand for safe-haven Gold continues to climb as the political crisis unfolds in Germany, Europe’s largest economy.

In the U.S., investors await the release Wednesday of the minutes of the November Federal Open Market Committee (FOMC) meeting. Since Gold has become heavily concerned with the value of the dollar, the tone of the meeting minutes could play a leading role in where the metal concludes this week, says Lukman Otunuga, research analyst at FXTM.

“The Fed rate hike in December is roughly priced in and unless there are very hawkish minutes, its more that people are looking for direction about future moves,” said Georgette Boelle, a commodity strategist at ABN AMRO. Investors will be looking for a glimpse into the Fed’s outlook going into year-end.

Yellen Gives Resignation To President Trump

Fed Chair Janet Yellen said today that once her successor is seated she will leave the Fed. President Trump nominated Jerome Powell to be the next Fed chair and he should see quick approval by the Senate.

“As I prepare to leave the board, I am gratified that the financial system is much stronger than a decade ago, better able to withstand future bouts of instability and continue supporting the economic aspirations of American families and businesses,” wrote Yellen in her Nov. 20 resignation letter to President Trump.

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