Daily Precious Metal Market Update

June 29, 2009 - Safe haven precious metal demand is slowly decreasing today, yet it appears that many wise investors are turning to gold in particular because the latest gold projections are forecasting a significantly bullish future for the metal. Earlier in the year, there were some very interesting gold projections that forecasted both bearish and bullish futures, yet the interesting ones mentioned that spot prices could reach $1200 per ounce before the end of this summer. Although these gold projections were a bit speculative, it now appears that external economic factors are moving into place in order to create an ideal environment for spot prices to increase to such levels. The United States Dollar continues to be the main driver for gold, because historically both assets trade in inverse directions, and with the latest news saying that the dollar could face significant devaluing down the road, many wise investors are turning to the metal with hopes of profiting and protecting their hard earned wealth in the event that further negativity occurs with the fiat currency. Now may be a good time to learn more about the market if you haven’t done so already because both short-term and long-term projections are looking increasingly bullish by the day as the financial crisis worsens.

By around 5 PM Eastern Standard Time, the trading day has ended on a low note for precious metal spot prices, with gold currently sitting at $937.50 per ounce, down $1.40 for the day while silver is currently sitting at $13.87 per ounce, down $.23 cents for the day and platinum currently sitting at $1183 per ounce, down $14 for the day.

Daily Updates Archive

Danny Burns

Senior Staff Writer - Precious-Metal.org