Gold Rises After President Trump Fires Comey

Gold Rises After President Trump Fires Comey

Gold Rises After President Trump Fires ComeyLos Angeles CA, May 10 (Tangible Investments) — by James O’Dell — Precious metals prices turned modestly higher in early trading on Wednesday as Gold Rises After President Trump fires Comey. Gold is up 0.20 percent to $1,223.60 an ounce after easing $4.90 on Tuesday to close at $1,221.10.

Silver is up 0.46 percent to $16.23 an ounce after easing $0.05 on Tuesday to close at $16.15. The Gold/Silver ratio fell to 75.61. Platinum is up 0.44 percent to $907.00 an ounce. Palladium is up 0.50 percent to $800.00 an ounce.

President Trump Fires  FBI Director

Gold rose in early trading on Wednesday after President Trump’s sudden firing of FBI Director James Comey rekindled safe-haven play. Investors are using this dip in the Gold price as a buying opportunity now that geopolitics is heating up again.

Some politicians in Washington are concerned that President Trump’s firing of Comey was due to an ongoing Russian hacking investigation. The FBI is investigating whether there was collusion between Russian hackers and Trump’s election campaign.

North Korea is still in the background as well with the threat of another nuclear warhead test and its repercussions.

“The unpredictability of both Trump and North Korea has been a reminder that geo-risk has not disappeared but temporarily gone into hibernation,” said Saxo Bank’s Ole Hansen. “Initially (the Comey sacking) has had only a limited impact but it highlights that there are other drivers out there. It can turn on a plate if one of the two escalates, especially North Korea.”

LME Seeks To Operate Silver Fix

Meanwhile, a senior executive at the London Metal Exchange (LME), said on Wednesday that the LME will be submitting a proposal to assume the operation of the London Silver fix. James Proudlock, managing director at LME, said the exchange is responding to a request for proposals (RFP) that was recently issued.

The LME is the first company to publicly express interest in replacing the current operators, CME Group and Thomson Reuters. They announced in March that they would stop providing the Silver price benchmark auction after less than three years in operation.

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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