Los Angeles CA, November 9 (Tangible Investments) by James O’ Dell Precious metals prices are mixed on Thursday as Senate prepares to unveil Tax Reform Plan. Gold is up 0.48 percent to $1,286.90 an ounce after gaining $6.00 on Wednesday to close at $1,280.80 an ounce.

Silver is down 0.24 percent to $16.95 an ounce after adding $0.07 on Wednesday to close at $16.99 an ounce. The Gold/Silver ratio rose to 75.39. Platinum is up 0.22 percent to $932.00 an ounce. Palladium is down 0.30 percent to $1,006.00 an ounce, after hitting a 16 year high earlier.

Gold edged higher in early trading on Thursday, after hitting a 3-week high overnight as the dollar and equities weakened. The dollar fell against a basket of major currencies as Senate Republicans prepare to release their version of the tax-cut bill. The Senate plan proposes delaying the cutting of the corporate tax rate from 35 percent to 20 percent until 2019.

“Although the dollar’s travails have brought a smile to long-suffering bullish Gold traders, it is important to note there seems to be an absence of risk aversion premium in Gold’s price and that its fate will be decided by the dollar alone,” said Jeffrey Halley, senior market analyst at OANDA.

Macquarie Group said recently that Gold could hit $1,400 an ounce in 2018. “Yes, the Fed will have to raise rates – growth remains higher than trend – but this is becoming true elsewhere,” said the bank.

“Crucially we think the dollar is more likely to weaken than strengthen pre-2014 levels are perfectly achievable. And political risk factors – an unpopular president unable to match up to his domestic promises and facing complex and potentially unsolvable foreign problems – are also be in Gold’s favor.”

Tensions Escalate In Middle East

Meanwhile, tensions are escalating rapidly in the Middle East after Saudi Arabian air defenses intercepted a Yemeni fired missile. We see this as an act of war, said the Saudis, who blame Iran for arming the terrorists. Saudi Arabia says that it reserves its right to respond to Iran in the appropriate time and manner.

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