Los Angeles CA, June 7 (Tangible Investments) — by James O’Dell — Gold and Silver prices turn lower in early trading Wednesday as investors take profits ahead of Comey Testimony. The yellow metal is down 0.14 percent to $1,291.30 an ounce after gaining $14.30 on Tuesday to close at $1,293.60.

Silver is down 0.06 percent to $17.67 an ounce after gaining $0.15 on Tuesday to close at $17.68 an ounce. The Gold/Silver ratio rose to 73.13. Platinum is down 0.52 percent to $954.00 an ounce. Palladium is down 0.52 percent to $834.00 an ounce.

Gold hit seven-month highs in early trading Wednesday ahead of Thursday’s testimony by James Comey to the Senate Intelligence Committee. James Comey, former FBI Director, is expected to testify about his recent firing and the Russian hacking of U.S. elections.

In the UK, Prime Minister Theresa May’s conservative party is reportedly in a close election with the opposition Labor Party.

“With the degree of uncertainty around as we head into the latter half of the week, there would appear to be no reason for Gold’s march higher to peter out,” said Jeffrey Halley, of OANDA. The precious metal has gained nearly 12 percent so far this year.

“The uptrend seems intact,” said Mitsubishi analyst Jonathan Butler, “It’s been helped by the dollar drifting lower and equity markets in the U.S. trading more or less flat.”

Qatar New Crisis In Middle East

Also underpinning Gold is the current crisis in U.S. ally, Qatar, after nine nations led by Saudi Arabia and the United Arab Emirates, severed all ties with the Middle Eastern nation. “Everything is going right for Gold with a weaker U.S. dollar against the Japanese yen, and Qatari risk also supporting bulls,” said Chintan Karnani, chief market analyst at Insignia Consultants.

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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