Investors Use Pullback In Gold As Buying Opportunity

Investors Use Pullback In Gold As Buying Opportunity

Investors Use Pullback In Gold As Buying OpportunityLos Angeles CA, April 20 (Tangible Investments) – by James O’Dell – Gold and Silver prices were mixed in early trading on Thursday as investors use pullback in Gold as buying opportunity. Gold is up 0.19 percent to $1,282.70 an ounce after retreating $8.90 or 0.69 percent on Wednesday to close at $1,280.30.

The price of Silver is down 0.39 percent to $18.06 an ounce after sliding $0.25 or 1.40 percent on Wednesday to close at $18.13 an ounce. The Gold/Silver ratio ticked up to 70.61. Platinum is up 1.35 percent to $978.00 an ounce. Palladium is up 3.48 percent to $803.00.

Gold remains steady with physical buying increasing globally as investors seek the safety and wealth protection provided by the precious metal.

Global Physical Gold Purchases Soaring

“Sentiment overall is that everybody is looking for $1,300 at least by the end of the week. Sentiment around geopolitical issues is really playing on people’s minds,” said Spencer Campbell, of Kaloti Precious Metals in Singapore. “We are seeing a lot more physical purchasing, with shops seeing a 100-percent increase in buying from the retail sector,” added Campbell.

Commerzbank reports that 1.5 tons of Gold poured into global exchange-traded funds (ETFs) on Wednesday. That’s 10 straight days of inflows after Gold backed ETFs recorded first quarter inflows of 56 tons. On Wednesday, analyst Michael Parkin of Desjardins Capital Markets raised his long-term Gold price to $1,300 an ounce.

Investors Worry About Elections In France

Meanwhile, polls show the closely watched French elections on Sunday remain too close to call, and investors are plenty nervous. Two contenders want out of the European Union (EU) and one wants France out of NATO.

“Gold remains steady, as traders are reluctant to short the market ahead of this weekend’s first round of French elections,” said Peter Hug, global trading director at Kitco in a note. Investors Use Pullback In Gold As Buying Opportunity

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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