Los Angeles CA, June 13 (Tangible Investments) — by James O’Dell — Precious metals prices turned lower across the board in early trading on Tuesday as investors remain sidelined ahead of policy meeting. Gold is down 0.43 percent to $1,260.00 an ounce after sliding 0.90 on Monday to close at $1,265.50 an ounce.

Silver is down 1.21 percent to $16.73 an ounce after easing $0.23 on Monday to close at $16.94 an ounce. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 74.70. Platinum is down 1.38 percent at $928.00 an ounce. Palladium is down 1.49 percent to $861.00 an ounce.

Gold eased in early trading Tuesday as investors remain sidelined ahead of the Fed’s June policy meeting which starts today. The Fed is expected to raise interest rates 1/4 of a percentage point at its two-day meeting on Wednesday.

“Obviously ahead of the meeting people aren’t building significant positions … If anything, they’re expecting a dovish Fed because recent (U.S.) economic data has been weak,” said Fawad Razaqzada, of FOREX.com.

MKS says that a dovish Federal Open Market Committee (FOMC) meeting Wednesday could mean a renewed push for $1,300-an-ounce Gold.

“Looking ahead to the FOMC on Wednesday the key support for the metal will be $1,250, while should the statement and proceeding press conference take on a dovish skew, we will look for a break above $1,275 for a renewed push toward $1,300.” says Sam Laughlin, of MKS.

Credit Suisse Sees Gold Hitting $1400

Meanwhile, Credit Suisse is still calling for Gold to hit $1,400 an ounce by the fourth quarter. Credit Suisse analysts say their bullish view on $1400 Gold is based on several expectations.

The first two are that real U.S. rates will surprise to the downside, and the dollar will weaken. In addition factor in a dovish central-bank, continued robust Chinese investment demand, and the probability of a disruptive geopolitical event, and that should do it.

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.

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