Daily Precious Metal Update

July 9, 2009 - Gold bar pricing is slowly inching its way upwards today as safe haven demand in the United States has been revived based on the latest speculation saying that the dollar could face inflationary pressures down the road if the Federal Reserve and Treasury decide to continue their latest overprinting and quantitative easing measures. By 5 PM Eastern Standard Time, gold bar pricing has increased side-by-side with platinum while silver takes a minor step backwards. Currently the gold spot price sits at $912.50 per ounce, up $3.40 for the trading day while the silver spot price sits at $12.84 per ounce, down one cent for the trading day and that the platinum spot price sits at $1106 per ounce, up nine dollars for the trading day.

In the past few trading sessions, we have seen some stale market movement with gold bar pricing and other precious metals, yet safe haven demand sparked once the United States Government mentioned that they may be considering a new stimulus plan focusing on infrastructure projects. According to them, the last $787 billion stimulus package was “a bit too small.” As if inflationary pressures aren’t large enough as it is, now we just might be digging ourselves into a hole that could take us years to exit, if we get lucky. Fortunately, safe haven precious metals have proven their ability to thrive during troubling economic scenarios, and for example, gold bar pricing increased more than 800% between 1970 and 1980 in a similar hyperinflationary economic environment.

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Danny Burns

Senior Staff Writer - Precious-Metal.org