Los Angeles CA, October 19 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Thursday as Gold rebounds stocks reach record highs. Gold is up 0.34 percent to $1,284.90 an ounce after easing $4.30 on Wednesday to close at $1,280.50 an ounce.

Silver is up 0.29 percent to $17.02 an ounce after sliding $0.03 on Wednesday to close at $16.97 an ounce. The Gold/Silver ratio rose to 75.46 as Silver outperformed Gold. Platinum is up 0.44 percent to $923.00 an ounce. Palladium is up 0.32 percent to $949.00 an ounce.

Gold rebounded in early trading on Thursday as the dollar weakened a bit and world stock markets turned lower. Investors are worried about a stock market crash now that the Dow has reached 23,000.

The stock market’s current price-to-earnings ratio remains higher than historical levels at 18 times earnings. “With U.S. yields continuing to creep slowly higher and stocks markets riding exuberantly high it will most likely take some sort of geopolitical event to break the yellow metal out of its bearish malaise,” said Jeffrey Halley, of OANDA, in a note.

In the meantime, the government of Spain announced Thursday it is prepared to suspend Catalonia’s autonomy and impose direct rule on the region after Catalan president Carles Puigdemont, ignored a deadline imposed by Spain to drop his secession campaign.

Spanish Prime Minister Mariano Rajoy will hold a special cabinet meeting on Saturday to force Catalan compliance. “The Catalonia thing is priced in now unless it blows up really badly and people seem to be happy going long euros before the ECB meeting next week,” said John Marley, of Infinity International.

SciotiaMacatta Could Be Sold

Meanwhile, Canada’s Bank of Nova Scotia is looking at options for ScotiaMocatta, its Gold business. The bank has been considering the possible sale of the world’s oldest Gold trader.

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