Los Angeles CA, August 21 (Tangible Investments) — by James O’Dell — Precious metals prices were higher across the board in early trading Monday as War Games begin off Korean Peninsula. Gold is up 0.62 percent to $1,292.20 an ounce after easing $3.30 on Friday to end the week at $1,284.20.

Silver is up 0.80 percent to $17.08 an ounce after easing $0.06 on Friday to finish the week at $17.01. The Gold/Silver ratio rose to 75.76. Platinum is up 0.61 percent to $983.00 an ounce. Palladium is up 0.98 percent to $923.00 an ounce.

Gold is moderately higher in early trading Monday as South Korean and U.S. forces engage in annual computer-simulated military exercises. The joint military exercises began even as Pyongyang warned that the drills could trigger a “second Korean war.”

North Korea’s government newspaper also warned against “reckless behavior driving the situation into the uncontrollable phase of a nuclear war.” The military exercises will last 11-days and include 17,500 American troops and around 50,000 South Koreans, according to officials.

The United Nations will also have forces participating including — United Kingdom, Australia, Canada, Colombia, Denmark, New Zealand, and the Netherlands.

“Speculative bets on rising prices have increased strongly in recent weeks, but U.S. war games in South Korea and stock market weakness combined with the potential upside break in the Japanese yen USDJPY, -0.13 percent should keep Gold supported. We see it breaking higher and maintain our end-of-year forecast for $1,325,” said Saxo Bank’s Ole Hansen.

Jackson Hole Summit

Meanwhile, the annual meeting of central bankers will arrive in Jackson Hole, Wyoming, this week. Fed Chair Janet Yellen and European Central Bank (ECB) President Mario Draghi are both scheduled to speak on Friday.

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