Daily Precious Metal Update

February 19, 2009 – Bullion bars and coins such as the Canadian Maple Leafs and Pamp Suisse bars lost some value overnight as the usual round of short-term selling commenced but is predicted to stop once the rally to precious metals begins again as a result of fear in this worsening financial crisis. The overall long-term safe haven demand for bullion bars and coins has increased in the past few months and it seems that more and more wise investors are leaving their traditional paper investments in exchange for a historically more profitable and preservative investment such as gold and silver. Both gold and silver hold the positions of the most profitable investments at the moment and with projections saying that both have the potential of nearly doubling in value by the end of the year, it definitely makes sense to diversify our assets in order to make it through this recession in one piece.

Today we’re seeing a lot of action in the precious metals market and it seems that the majority of this is based on the short-term selling and the worsening problems with the United States economy such as the grim outlook for US auto sales. The spot prices reflect this, which is why gold is currently at $971.80 per ounce; silver is at $13.93 per ounce, while platinum is at $1070 per ounce. Although all three of these metals come in bullion bars and coins, it’s always best to diversify into the one that fits your goals and needs best. I wish you excellent luck when investing in precious metals.

Daily Updates Archive

Arthur McGuire

Senior Staff Writer – Precious-Metal.org