Daily Precious Metal Update

April 30, 2009 - Gold and silver bullion bars and coins are retreating today while platinum is increasing in value based on speculation that Chrysler’s downfall would not affect the platinum group of metals. The overall safe haven demand for gold and silver bullion bars and coins is falling today after several comments from the Federal Reserve saying that the United States recession appears to be easing. Many market analysts believe that this is simply a way to increase American confidence in the dollar in its stock market for the short term because in reality the latest economic data does not prove an easing recession. Just yesterday, investors found out about the 6.1% decline in gross domestic product, which basically means that our economy is spiralling in the wrong direction. For some reason or another, stock markets are benefiting from all this economic data, and the MSCI World Index of stock has climbed to the highest level in more than three months. Short-term market movement may see a tug-of-war between safe haven bullion bars and coins and mainstream stock indexes in the near future.

By around 3:30 PM Eastern Standard Time, the Certified Gold Exchange has reported lower demand for precious metals that is being caused by a contraction in the daily market spot price of gold that currently sits at $891.60 per ounce, down $6.70 for the day while silver is currently trading at $12.39 per ounce, down $.41 for the day and platinum is currently trading at $1101 per ounce, up six dollars for the day.

Daily Updates Archive

Danny Burns

Senior Staff Writer – Precious-Metal.org