December 23 - Daily Precious Metal Update

December 23, 2008 - Precious metals are the talk of the day as investors continue to wonder where the economy will be by next year. Many are saying that strong oversight plus speculation is what may be unintentionally sending prices to levels that are not directly related to the usual supply and demand fluctuation that we usually see in precious metal markets. It looks like gold, silver and platinum will remain in their current levels until after the New Year but afterwards projections are stating that we should see some impressive spikes depending on investment demand. As the United States continues to grow fears about inflation, this April if things continue the way we are going, will be in the longest recession in United States history. Can we really prevent this? It’s not very possible.

Gold is trading at around $839.10 per ounce, down 1% for the day but still up 4.65% in the last 30 days and 3.35% in the last year. Silver is down $.56 to $10.24 per ounce while platinum stayed motionless in the early hours but moved down five dollars to $843.00 per ounce.

Other commodities such as gasoline, crude oil, corn, soybeans, wheat and copper have tumbled to record lows and import and export has declined to unbelievable levels. Ports around the world are starting to look like ghost towns and the future of the world may be dark in the coming years. If that’s not enough to want precious metals, I don’t know what is. I wish you an excellent holiday season and a great day.

Daily Updates Archive

Arthur McGuire

Senior Staff Writer - Certified Gold Exchange