Daily Precious Metal Update

January 8, 2009 - Bullion bars and coins shoot up nearly 2% today as the Dollar continues to fall against other currencies and investors continue to run to precious metals as the ultimate alternative safe haven. Every precious metal has increased in value today, which is something we have not seen in quite a while, but the New Year has finally kicked in to play and investors are preparing for a long year ahead of them by moving into the market as soon as they can.

The gold spot prices is around $856.90 per ounce, up $14.90 or 1.77% for the day and up $81.30 or 10.48% in the last 30 days. Silver comes up $.16 to around $11.18 per ounce while platinum continues to rise and is up $7 to $974 per ounce after touching the $1000 mark yesterday. Future projections for bullion bars and coins as well as certified rare coins are very positive and we could see about a 10% gain in most precious metals by the end of the year. These increase in prices are mostly due to the instability of the United States Dollar along with government aid that could spike the automobile industry, thus spiking platinum spot prices.

As the United States continues to dig deeper into the hole of an insecure economy, unemployment levels continue to rise and jobless claims in the first week of January were around 467,000; a staggering amount despite the projection of 550,000. All we can really do now is invest while we can and hope that things get better. If things don’t get better, we’ll be happy that we have our bullion bars and coins. Until tomorrow, have a great day.

Daily Updates Archive

Arthur McGuire

Senior Staff Writer - Certified Gold Exchange