Los Angeles CA, November 6 (Tangible Investments) by James O’ Dell Precious metals prices were mixed on Monday, as Saudi Prince purging leadership boosts Gold. Gold is up 0.54 percent to $1,276.30 an ounce after easing $6.10 on Friday to end the week at $1,269.40.

Silver is up 1.87 percent to $17.12 an ounce after easing $0.30 on Friday to finish the week at $16.80. The Gold/Silver ratio rose to 75.56. Platinum is up 0.76 percent to $926.00 an ounce. Palladium is trading flat at $993.00 an ounce.

Gold continues to consolidate in early trading on Monday as the dollar steadies following its biggest weekly rise this year.

President Trump’s 12-day Asian tour began Friday and commodities broker SP Angel says: The trip looks to present a united front with Japan, as a military deal with the ally aims to qualitatively and quantitatively enhance its defense capabilities with American military equipment given the very tough North Korea situation.

North Korea has been developing a missile that is capable of striking the U.S. mainland. The nation has also been developing a mini-hydrogen bomb to sit atop the ballistic missile. North Korea has already fired two missiles over our ally Japan, and threatened to bomb Guam, a US territory.

Meanwhile, geopolitical concerns rose over the weekend after a major purge of Saudi Arabia’s top political and business leadership. Saudi Crown Prince Mohammed bin Salman, ordered the detentions of 11 princes, four ministers and several ex-ministers.

Bargain Hunters Coming Back In

After [William] Dudley resignation story from Fed, new selection of [Jerome] Powell [as next Fed chair] and escalation of worries possible with Saudi Arabia tumult, North Korea, Russia, Venezuela default on bonds all now back in headlines. This could slowly bring bargain hunters back to the metals, says George Gero, managing director with RBC Wealth Management.

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