December 29 - Daily Precious Metal Update

December 29, 2008 – Many precious metals increase in value today as investors start straying away from mainstream investments in an act of finding the ideal alternative investment during a rather troubling time. Gold, silver and platinum rose today as the increased tension in the Middle East causes masses of investors to seek the metals as the only answer. Gold is trading at around $879.10 per ounce, up 1.20% for the day, 9.6% in the last 30 days and 6.53% in the last 365 days. Silver is trading at around $10.94, up $.28 for the day while platinum comes up $15 to around $906 per ounce.

Already, the United States Dollar, Euro and Russian Ruble has plummeted to dangerous levels and historically when currencies drop the way they have, precious metals such as gold and silver tint to increase in value due to significantly higher market demand. Oil prices have seen some demand increase coming up $3 to $40.60 per barrel, yet experts in the field are warning about $25 per barrel as demand for oil and gasoline may diminish in the coming months. The future of precious metals looks good and many expert projections are saying that gold could be at $950-$1000 per ounce, silver could be at $14-$18 per ounce and platinum could be at $950 per ounce by early to mid-2009. The New Year will bring many surprises so invest well and invest safely. Have a great day and a beautiful holiday season!

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Arthur McGuire

Senior Staff Writer - Certified Gold Exchange