Daily Precious Metal Update

May 29, 2009 - The final trading week of May is showing signs of significant pressure on the United States Dollar while investors from around the world are deciding to buy precious metals as their ultimate hedge from inflation and a deeper and darker global economic recession. The physical possession demand for gold, silver and platinum is rising significantly today as more and more investors are looking to buy precious metals based on the latest safe haven rallies that have pushed the gold spot price up to a 3-month high and the silver spot price up to a 10-month high. Silver in particular seems to be the hot commodity at the moment for investors looking to buy precious metals because the metal has had its biggest monthly gain in 22 years due to much higher investment and industrial demand. Many market analysts and financial institutions are highly recommending that wise investors buy precious metals now before spot prices begin climbing towards their all-time record highs as Americans may continue to flock to safe haven assets during the worst financial crisis we have seen since the Great Depression.

By around 2:45 PM Eastern Standard Time, precious metal spot prices have shown impressive gains for the trading day, and May has been quite interesting especially since the month started off with some bearish projections saying that spot prices would tumble while the economy recovered. Sure enough, the metals have proven their potential yet again, with the gold spot price trading at around $975.50 per ounce, increasing $16.60 for the day while the silver spot price is trading at around $15.63 per ounce, increasing $.48 for the day and the platinum spot price is trading at around $1187 per ounce, increasing $48 for the day.

Daily Updates Archive

Danny Burns

Senior Staff Writer - Precious-Metal.org