Los Angeles CA, April 27 (Tangible Investments) – by James O’Dell – Precious metals prices edged lower in early trading on Thursday as investors remain wary of Trump Tax Proposal. Gold is down 0.35 percent to $1,264.50 an ounce after gaining $5.00 on Wednesday to close at $1,269.00 an ounce.

Silver is down 1.23 percent to $17.27 an ounce after easing $0.08 on Wednesday to close at $17.49 an ounce. The Gold/Silver ratio rose to 72.56. Platinum is down 0.32 percent to $946.00 an ounce. Palladium is up 0.49 percent to $813.00 an ounce.

Key Questions Left Unanswered

Gold dipped in early trading on Thursday as investors await more details about President Trump’s largely unfunded tax cut proposal. The Trump proposal leaves key questions about the tax plan unanswered. The biggest question is how it will affect the middle class.

Treasury Secretary Steve Mnuchin was unclear when asked today how the new tax proposal would affect the middle class. Mnunchin did, however, say that he couldn’t guarantee that middle-class families wouldn’t pay more taxes under the new proposal.

Gold has given back 1.7 percent of its gains this week after hitting a high of $1,295.42 an ounce on April 17. “It’s going through a phase of correction,” said Saxo Bank’s Ole Hansen, speaking of Gold.

“We’ve seen a strong rally in stocks and U.S. bond yields move up again, and we have almost had a day without North Korea being mentioned,” he said. Hansen expects Gold to remain resilient with the long position now held by fund investors at its highest since November.

ECB Refi Rate Unchanged

Meanwhile, the European Central Bank (ECB) left its benchmark refi rate unchanged at zero. “No new drum beat or drama in today’s ECB announcement. The French election has them on a tight leash. We expect the ECB will have zombie-like moves even after the French elections. They cannot afford to jeopardize their hard labor,” said Think Markets’ Naeem Aslam.

The uncertainty surrounding the final round of French elections will help to keep a floor under safe-haven Gold.

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