Gold Remains Firm As Shutdown Looms

Gold Remains Firm As Shutdown LoomsLos Angeles CA, January 17 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Wednesday. Gold remains firm as shutdown looms. The yellow metal is down 0.19 percent to $1,335.40 an ounce after easing $1.60 on Tuesday to close at $1,338.00.

Silver is down 0.52 percent to $17.09 an ounce after sliding $0.16 on Tuesday to close at $17.18 an ounce. The Gold/Silver ratio rose to 77.88 as Gold outperformed Silver. Platinum is up 0.50 percent to $1,003.00 an ounce. Palladium is up 0.64 percent to $1,093.00 an ounce.

Gold dipped modestly in early trading on Wednesday but is still holding near four-month highs, even as the dollar strengthens. The dollar rebounded from 3-1/2 year lows, but it could be a short term bounce, as the government could shut down this week.

“Heightened political uncertainty in Washington is likely to weigh heavily on the Dollar and may fuel the downside,” says Lukman Otunuga, research analyst at FXTM. “Dollar bulls are clearly struggling to find fresh inspiration from Fed hike expectations and this is reflected in the currency’s bearish price action.”

In the meantime, Silver remains an overlooked asset, but that could change in 2018, according to HSBC’s latest Silver outlook. “We expect Silver to move moderately higher in 2018 and 2019 based on strong industrial demand and limited supply,” said James Steel, chief precious metals analyst at HSBC.

Bitcoin Money Buying Gold Coins

Meanwhile, Bitcoin saw its biggest selloff since December on Tuesday while Gold coin sales climbed 400 percent at one large European online dealer.

“Emails and phones did not stand still with customers asking how they could turn their crypto into Gold,” said the dealer. Bitcoin dropped to below $9,200 on Wednesday and is now 52 percent off its highs as the sell-off of cryptocurrencies continues.

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