Gold Silver Rally While Bitcoin Tumbles
Los Angeles CA, December 22 (Tangible Investments) â€” by James Oâ€™Dell â€” Precious metals prices were mixed on Friday as Gold Silver rally while Bitcoin tumbles. Gold is up 0.61 percent to $1,273.80 an ounce after gaining $1.00 on Thursday to close at $1,266.10 an ounce.
Silver is up 1.65 percent to $16.36 an ounce after easing $0.07 on Thursday to close at $16.09 an ounce. The Gold/Silver ratio rose to 78.69. Platinum is up 0.33 percent to $919.00 an ounce. Palladium is down 0.10 percent to $1,028.00an ounce.
Gold hits 3 week highs in early pre-holiday trading on Friday and remains on pace for a second straight weekly gain. Analysts are saying the sharp downdraft in Bitcoin may have created a flow into the safe-haven Gold market.
Bitcoin briefly slipped below $11,000, which was down 44 percent from the record high set on Sunday. Coinbase, one of the biggest U.S. marketplaces for Bitcoin, halted trading amid a price rout in the cryptocurrencies on Friday.
“Investigating – All buys and sells have been temporarily disabled. We are working on a fix and apologize for any inconvenience,” said Coinbase at 11:11 a.m., ET.
The creator of litecoin, Charlie Lee, has sold all of his holdings in the cryptocurrency that he created, over the past few days. Although, Lee kept some as “collectibles.”
Sean Boyd, CEO of Agnico Eagle Mines, thinks the crypto craze will work in Gold’s favor. “I actually think you can build a much stronger case for Gold in an environment where Bitcoin is drawing this kind of investor interest,” said Boyd.
President Trump Signs Tax Bill Into Law
Meanwhile, President Trump signed the tax bill into law Friday morning in the Oval Office. The bill marks the Trump Administration’s first major legislative accomplishment. Trump said that he had been considering waiting until January to sign the bill into law during a formal ceremony. He decided just this morning to go ahead and sign it today, then left for Maralago.
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