|September Rate Hike Remains On Table |
Los Angeles CA, (Tangible Investments) - by James O'Dell - Gold and Silver prices were higher in early trading with Gold up 0.38 percent to $1,316.00 an ounce after easing $3.40 or 0.26 percent on Friday to finish the week at $1,311.00 an ounce.
The price of Silver is up 1.75 percent to $19.14 an ounce, after easing $0.18 or 0.95 percent on Friday to end the week at $18.81 an ounce while the Gold/Silver ratio rose to 69.70. Platinum is up 1.06 percent to $1,029.10 an ounce and Palladium is up 0.81 percent to $678.50.
The week began with Gold steady after hawkish comments by Fed policymakers are keeping a September rate hike on the table despite a raft of disappointing economic data, including a huge non-farm payrolls miss. Fed Bank of Boston President Eric Rosengren continued to make the case for the U.S. central bank to hike rates at its Sept. 20-21 policy meeting instead of waiting until December or later.
WSJ FedWatcher Jon Hilsenrath says "I still think the Fed will hold steady next week." Hilsenrath says that the mixed messages coming from FOMC members and regional Fed Presidents suggests a divided Fed.
The European Commission (EC) reported on Wednesday that it had established a task force to manage negotiations with the U.K. as it exits from the European Union (EU). “Up to now there are no consequences from Brexit economically, but if it lasts too long I’m afraid that investors will start being too careful and start to wonder,” said European Economic Affairs Commissioner Pierre Moscovici.
“It’s important that the Article 50, which will start the negotiations, is raised by the British government as soon as possible.” The dollar inched higher on Thursday, up 0.2 percent against a basket of major currencies following the release of a raft of mixed economic data.
Meanwhile, for the coin collectors and hobbyists among you, a privately minted $1 Gold coin, the octagonal 1854 $1 Gold piece has been identified as a new variety of California fractional Gold, thanks to the combined efforts of the Numismatic Guaranty Corporation (NGC) and Stack’s Bowers Galleries.
Due to the lack of small change during the Gold Rush, private mints struck fractional Gold coins in California. Private mints began issuing the coins beginning in 1852 in 25-cent, 50-cent and $1 denominations. This new find is graded AU-55 by NGC with a label bearing its BG-529a attribution. Every four to five years numismatists find another new variety of California fractional Gold.
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