Los Angeles CA, September 27 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Wednesday as Gold tumbles following Fed Chair Janet Yellen comments. Gold is down 0.64 percent to $1,285.30 an ounce after tumbling $16.70 on Tuesday to close at $1,293.60 an ounce.

Silver is trading flat at $16.78 an ounce after sliding $0.38 on Tuesday to close at $16.78. The Gold/Silver ratio rose to 77.09 as Gold outperformed Silver. Platinum is down 0.43 percent to $918.00 an ounce. Palladium is up 0.44 percent to $914.00 an ounce.

Gold hits one-month lows in early trading on Wednesday, extending its biggest one day loss in nearly two years. Fed Chair Janet Yellen’s speech on monetary policy at business association’s annual meeting Tuesday was viewed as hawkish by investors.

“She reaffirmed the impression at her recent press conference that the uncertainties about inflation do not stand in the way of another hike this year,” says Brown Brother Harriman.

The odds of a rate hike in December are now above 80 percent according to the CME Federal funds tool. “Gold lost what it gained on North Korea (tensions) since Friday after Yellen’s comments,” said Yuichi Ikemizu at ICBC Standard Bank in Tokyo. “But I think the (North Korea) situation is more serious than the Fed’s policies. So Gold is supported around here and I expect prices to go back up to $1,300.”

Durable Goods Orders Weighing

Despite the continued war of words neither country is preparing for actual conflict, although N. Korea has been observed moving jets to its Eastern Coast. Also weighing on Gold are reports of better-than-expected U.S. durable goods orders that rose by 1.7 percent to $232.8 billion in August.

Durable Goods were expected to range from between 1 percent and 1.5 percent. The Trump Administration’s tax plan was outlined Wednesday, one day after another failure of the repeal and replacement of ACA.

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