Los Angeles CA, July 31 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Monday as Gold remains steady amid Russian and North Korean concerns. Gold is down 0.15 percent to $1,267.20 an ounce after rallying $10.50 on Friday to end the week at $1,269.10.

Silver is up 0.39 percent to $16.80 an ounce after adding $0.18 on Friday to finish the week at $16.74. The Gold/Silver ratio fell to 75.81 as Silver outperformed Gold. Platinum is up 0.11 percent to $936.00 an ounce. Palladium is up 1.26 percent to $883.00 an ounce.

Gold dipped slightly in early trading Monday as the dollar hovers near 13-month lows and the outlook for another rate hike fades.

“Dollar weakness is driving the Gold price. It’s not just against the euro, it’s against most major currencies,” said analyst Eugen Weinberg, of Commerzbank. “U.S. politics is a mess and U.S. data has not been inspiring.”

Safe-haven Gold is being supported by rising tensions with North Korea and Russia, and geopolitical turmoil affecting the White House. North Korea fired another ICBM with capabilities of reaching the U.S., while Russia retaliated for stiffened sanctions.

The prospect of President Trump’s administration implementing promised tax reforms may have evaporated after the Senate failed to repeal Healthcare.

More Upside Left In Gold

Meanwhile, INTL FCStone is looking for Gold to retest its June high in August. “Last month, we said we saw Gold being well supported in the $1,180–$1,200/ounce area and indeed we got a good bounce off the $1,204 intraday low after the precious metal tacked on an additional $65/ounce from there going into month end,” said the firm in its monthly commodities outlook.

“We think that there is more upside on Gold and see a possible test of the June high of $1,298/ounce materializing during August. A combination of a weaker dollar and falling U.S. bond yields should propel the precious metal higher, with North Korea being a wild card.”

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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