Gold Rebounds On Bargain Hunting Short Covering

Gold Rebounds On Bargain Hunting Short Covering

Gold Rebounds On Bargain Hunting Short CoveringLos Angeles CA, July 12 (Tangible Investments) — by James O’Dell — Precious metals prices turned higher in early trading Wednesday as Gold rebounds on bargain hunting short covering. Gold is up 0.53 percent to $1,223.60 an ounce after gaining $3.10 on Tuesday to close at $1,217.20 an ounce.

Silver is up 0.76 percent to $15.95 an ounce after gaining $0.19 on Tuesday to close at $15.83 an ounce. The Gold/Silver ratio fell to 76.89. Platinum is up 1.78 percent to $917.00 an ounce. Palladium is up 1.89 percent to $862.00 an ounce.

Gold added to yesterday’s gains ahead of Fed Chair Janet Yellen’s Congressional testimony on U.S. monetary policy starting later today. “Gold’s near-term direction will now be at the mercy of whether we get a hawkish Yellen on the Hill,” said Jeffrey Halley, senior market analyst at OANDA.

Investors will be listening for clues on when the central bank will start unwinding its massive $4.5 trillion balance sheet. “I think we have hit the bottom for the short-term period and we are trying to go back to the $1,230 level over the next one to two months,” said Yuichi Ikemizu, of ICBC Standard Bank, before adding that bullion was being supported by the weaker dollar.

Gold has found a bottom for now after being held back by stock-market strength, says Walsh Trading’s Sean Lusk. The director of commercial hedging added that Gold is entering one of its best performing periods between late July and August. It’s the “best performing time of year to be long metals due to increased demand from Asia, specifically from India.”

Trump Jr. Met With Kremlin Attorney

Meanwhile, investors turned to Gold for safe-haven support after emails revealed meeting between Donald Trump Jr. and Kremlin based attorney. President Trump’s eldest son met with the Russian attorney after being promised dirt on Hillary Clinton during the 2016 campaign.

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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