Daily Precious Metal Update

July 8, 2009 - Gold bar prices are falling for the third consecutive trading session, side-by-side with silver, platinum, crude oil, major stock indexes and the United States Dollar. It is without a doubt a stale day for investment markets as investors from around the globe have their eyes peeled on today’s G8 meeting and whether or not a new global reserve currency will be proposed, thus replacing the United States Dollar. There is a lot of speculation saying that gold bar prices could see a significant rebound within the next few weeks as masses of investors began flocking into safe haven metals as opposed to dollar-backed assets in order to potentially preserve themselves from economic danger. Despite this bullish speculation, gold bar prices have contracted today, down to $909.10 per ounce, while silver also falls to $12.85 per ounce and platinum follows their lead, falling to $1097 per ounce.

Several short-term market forecasts are projecting that precious metal spot prices may continue trading inversely to the United States Dollar Index, thus it is very important that we track the dollar and its negative correlation with spot prices in order to get a better understanding of where the market could end up within the next few weeks. In the event that the fiat currency begins to lose value as a result of the onslaught of problems that have been hacking away at our economy, precious metal investors can sleep easy at night knowing that their gold, silver and platinum bars and coins have a tendency to thrive during times of economic distress.

Daily Updates Archive

Danny Burns

Senior Staff Writer - Precious-Metal.org