Gold Steady After Senate Passes Tax Plan

Gold Steady After Senate Passes Tax Plan

Gold Steady After Senate Passes Tax PlanLos Angeles CA, December 4, (Tangible Investments) by James O’ Dell Precious metals prices were lower across the board on Monday and Gold steady after Senate passes Tax Plan. Gold is down 0.34 percent to $1,275.30 an ounce after gaining $5.00 on Friday to finish the week at $1,279.60.

Silver is down 0.79 percent to $16.29 an ounce after adding $0.08 on Friday to end the week at $16.42. The Gold/Silver ratio rose to 77.93. Platinum is down 1.07 percent to $927.00 an ounce. Palladium is down 0.99 percent to $1,005.00 an ounce.

Gold is lower in early trading Monday, weighed down by the tax plan passed early Saturday morning by U.S. Policymakers.

In the early hours of Saturday morning, the U.S. Senate then passed a tax reform bill that envisages extensive tax cuts, said Commerzbank AG analysts including Eugen Weinberg. Market participants regained their risk appetite as a result, so the Gold price fell accordingly.

According to INTL FCStone analyst Edward Meir in a note, the tax bill should not have much short term impact on Gold. ETF investors had bought large quantities of Gold on Friday, presumably ahead of the Senate vote [on tax-cuts],” says Commerzbank. The Gold ETFs tracked by Bloomberg recorded inflows of 12.6 tons, their highest in three months.

War Games Spark Safe Haven Demand

Meanwhile, safe-haven Gold is expected to get a boost from the war games the U.S. is now staging near South Korea.  The display of strength to neighboring North Korea features hundreds of aircraft including two dozen U.S. stealth jets.

The exercises have been dubbed Vigilant Ace, and come amid tensions sparked by Kim Jong Un missile and nuclear tests. The war games will run until Friday and come less than a week after North Korea tested an apparent ICBM. That’s an intercontinental ballistic missile and North Korea threatens to arm it with a mini-hydrogen bomb they’ve also been testing.

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. Take a moment and browse our vast selection of valuable collectibles, then call Toll Free 1.888.655.9255 today.

Let the helpful staff at Tangible Investments, owned and operated by world-renowned coin expert Silvano DiGenova, assist you in your next purchase or sale. You may also wish to click here to check out our eBay store. Tangible Investments is the leading buyer of rare Gold and Silver coins, art, antiques, diamonds, sterling and flatware. We also loan against anything of value and offer more money at half the loan cost. Come in or call 1.888.655.9255 now for a free quote.

Leave a reply