Los Angeles CA, September 12 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Tuesday as Gold tumbles due to  profit taking. Gold is down 0.11 percent to $1,325.50 an ounce after tumbling $19.00 on Monday to close at $1,327.00 an ounce.

Silver is up 0.06 percent to $17.77 an ounce after sliding $0.17 on Monday to close at $17.76. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, fell to 74.72 as Silver outperformed Gold. Platinum is down 0.71 percent to $982.00 an ounce. Palladium is up 0.86 percent to $934.00 an ounce.

Gold is modestly lower in early trading Tuesday as Hurricane Irma weakens to tropical storm and North Korea remains silent. The impact of Hurricane Irma was less-than-expected so demand for Gold as a haven from risk has subsided somewhat.

Commerzbank says that since investors still like exchange-traded funds, the recent slide in the price of Gold is likely profit-taking by futures speculators. “We believe that the price correction since yesterday morning is due in part to profit-taking by speculative financial investors,” said Commerzbank.

“The continuing inflows into Gold ETFs are proof that investors still feel some need for security….Holdings in the Gold ETFs tracked by Bloomberg were increased by a further 1.6 tons yesterday, meaning that ETFs have now seen inflows of almost 30 tons since the beginning of the month,” said Commerzbank.

Losses To Be Limited

While Gold may have given back some recent gains, TD Securities looks for future losses to be limited. “But it is unlikely the yellow metal continues to retreat much further with U.N. sanctions set to anger the North Koreans and the impact of hurricanes Harvey, Irma and potentially Jose set to weigh on U.S. economic data over the next couple of months,” says TDS.

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