Los Angeles CA, November 17 (Tangible Investments) by James O’ Dell Precious metals prices turned higher on Friday after House passes GOP Tax Plan. Gold is up 0.84 percent to $1,289.10 an ounce after adding $0.70 on Thursday to close at $1,278.30 an ounce.

Silver is up 0.29 percent to $17.10 an ounce after gaining $0.11 on Thursday to close at $17.06 an ounce. The Gold/Silver ratio rose to 75.37. Platinum is up 1.61 percent to $946.00 an ounce. Palladium is up 0.41 percent to $987.00 an ounce.

Gold rallied in early trading on Friday after October housing starts beat expectations, climbing 13.7 percent to 1.290M. The dollar weakened against a basket of major currencies over uncertainties surrounding the GOP tax plan while equities remain defensive.

“They’re pricing out Trump’s tax reform once again as a result of those two proposals in Congress that are quite far apart from each other,” said Jonathan Butler, commodities analyst at Mitsubishi. “There’s also a lot of concern that the equity market rally is possibly becoming a little exhausted for now, and that should be supportive of Gold in the short term,” added Butler.

Edward Meir, independent consultant to INTL FCStone, says Gold’s near term outlook could hinge on what happens with the current tax reform legislation before Congress.

Tax Plan Could Affect Stocks

Should we see a collapse of the tax bill in the Senate, we could see a rather sharp correction set in over U.S. stocks and if that is not enough to get Gold going, we don’t know what will.

Conversely, Senate passage of the bill could turbocharge U.S. equity markets and send the dollar higher, pressuring Gold in the process, but of the two scenarios, we favor the former for the moment given the risks attached to the Senate bill as it currently stands, said Meir.

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.