Los Angeles CA, June 9 (Tangible Investments) — by James O’Dell — Gold and Silver prices extended losses in early trading on Friday As Gold slides after Comey says President lied. Gold is down 0.97 percent to $1,265.20 an ounce after sliding $9.20 on Thursday to close at $1,277.60 an ounce.

Silver is down 1.26 percent to $17.19 an ounce after easing $0.15 on Thursday to close at $17.41 an ounce. The Gold/Silver ratio rose to 73.38. Platinum is trading flat at $937.00 an ounce. Palladium is up 3.07 percent to $873.00 an ounce.

Gold retreated sharply in early trading on Friday as the dollar rose after a day of political turmoil that saw James Comey call President Trump a liar and UK Prime Minister Theresa May suffer at the polls. Ex-FBI Chief James Comey said in testimony to the Senate Intelligence Committee on Thursday that President Trump lied several times.

Director Comey believes President Trump wanted him to quash the Russian collusion investigation of Trump’s national security adviser, Michael Flynn. Comey said plainly that the president fired him because of the Russian Investigation.

PM May’s Snap Election Backfires

Meanwhile, in the U.K., Prime Minister Theresa May’s gamble of calling the snap election to strengthen her hand, has backfired. Her opponents, the Labor Party surged in the vote and have denied May an outright win.

European Union leaders are already expressing concerns that May’s loss could delay the Brexit talks. “The political situation is anything but strong and stable,” said Mitsubishi’s Jonathan Butler. “There is quite a bit of potential for support for Gold, certainly in sterling and possibly also in dollars, in the near term.”

According to UBS, macroeconomic forces justify Gold’s strength since mid-May. “In particular, lower rates, weaker dollar and broader uncertainty provide a good foundation for the market to continue its journey higher.”

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