Los Angeles CA, November 7 (Tangible Investments) by James O’Dell Precious metals prices edged lower on Tuesday. Gold Slips As Short Term Investors Take Profits. The yellow metal is down 0.37 percent to $1,276.80 an ounce after soaring $12.10 on Monday to close at $1,281.50 an ounce.

Silver is down 0.84 percent to $17.06 an ounce after surging $0.40 on Monday to close at $17.20 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 74.51. Platinum is down 1.28 percent to $922.00 an ounce. Palladium is down 0.40 percent to $990.00 an ounce.

Gold dipped in early trading Tuesday as investors took profits after the yellow metal’s biggest one-day rally in six weeks.

“Not only was Silver pulled up by Gold yesterday“ its gains were also twice as pronounced,” said Commerzbank. “Silver… is only just below the 200-day moving average. Any rise above this mark could spark technical follow-up buying and lend further buoyancy to the Silver price.”

The rally in Gold followed the arrest of Saudi Arabia’s political and business elite, by Crown Prince Mohammed bin Salman, on Saturday. The Saudi Prince is calling the arrests and detainments, an anti-corruption purge as he consolidates his grip on the Kingdom.

“There will be much discontent behind the scenes in the family, and the Kingdom is headed for instability,” said Bruce Riedel, director of the Brookings Intelligence Project. “Royal family politics are traditionally consensual with great emphasis on preserving decorum and honor, even for failed ministers,” said Riedel.

U.S. Making Progress Toward Diplomacy With North Korea

Meanwhile, President Trump’s trip to Asia continues to support safe-haven Gold. The President has refrained from using bellicose language like “fire and fury” or “rocket man” while in South Korea.

At a joint news conference with South Korean President Moon Jae-in, Trump said US-led efforts toward diplomacy with North Korea is “making a lot of progress.”

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