Daily Precious Metal Update

May 28, 2009 - Precious metal bullion coins are some of the most popular safe haven diversifications available, but it’s very important that you understand that bullion products in general should only be used for short-term profit-taking purposes and they should not be used for long-term preservation purposes because the United States Government could confiscate them as they did in 1933 during the Great Depression when the United States Dollar was nearing a complete collapse. Many investors and market analysts fear that a bullion confiscation may occur yet again, and this is why they only purchase bullion coins as a short-term investment so that they don’t get caught with their hand in the cookie jar in the event that the United States Dollar collapses as a direct result of massive inflationary pressures that are being caused by trillions of overprinted dollars. This being said, wise investors who are seeking long-term wealth preservation may be better off diversifying into investment grade certified rare coins like the $20 Saint Gaudens and $10 Indian Heads because the United States Government considers them rarities, which basically means that they cannot confiscate them as they could with bullion coins.

By around 3:50 PM Eastern Standard Time, the majority of precious metal products are seeing significant gains in value as the daily market spot price continues heading in the upward direction for the second consecutive session. Gold is currently trading at $959.40 per ounce, up $11.10 for the trading day while silver is currently trading at $15.11, up $.36 for the trading day and platinum is currently trading at $1141 per ounce, up eight dollars for the trading day.

Daily Updates Archive

Danny Burns

Senior Staff Writer – Precious-Metal.org