Los Angeles CA, October 11 (Tangible Investments) — by James O’Dell — Precious metals prices moved higher on Wednesday as Gold rises on escalating North Korea tension. Gold is up 0.16 percent to $1,289.50 an ounce after gaining $3.90 on Tuesday to close at $1,287.50 an ounce.

Silver is up 0.15 percent to $17.13 an ounce after gaining $0.16 on Tuesday to close at $17.11 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 75.25. Platinum is up 0.11 percent to $932.00 an ounce. Palladium is up 1.62 percent to $942.00 an ounce.

Gold edged higher in early trading on Wednesday after Catalan President Carles Puigdemont failed to formally declare independence from Spain. The Catalan President and regional leaders have signed the Declaration of Independence, but await talks with the government in Madrid before it is enforced.

“These concerns about the ramifications of the Catalan independence referendum are fading, giving some support to the euro and weakening the dollar,” said Jens Pedersen, senior analyst at Danske Bank in Copenhagen.

FOMC Minutes Release Today

In the US, investors are awaiting the release of the minutes from the latest Federal Open Market Committee (FOMC) meeting. The Fed is still expected to raise interest rates by 0.25 percent in December but it’s not a slam dunk.

The December FOMC meeting is a long way off and a lot can happen by then, in fact, last night, in a show of force, the U.S. flew two B-1B bombers over the Korean peninsula. The Air Force bombers were joined by two South Korean F-15K fighters from the military base in Guam.

These steps are meant to deter North Korea, which is quickly advancing toward developing a nuclear missile capable of hitting the U.S. mainland. These events follow recent statements by President Trump, when he called a gathering of generals the “calm before the storm.” He later referenced North Korea in a tweet saying, “sorry, but only one thing will work.”

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