Daily Precious Metal Update

May 18, 2009 - Gold bar prices are currently lower than last week, and this is creating a bargain hunting opportunity by investors who want to take advantage of the precious metal market while spot prices are on a decline. Typically, short-term profit seeking investors purchase bullion bars and coins because they hold a low premium above the daily market spot price, plus there are extremely easy to purchase and liquidate when it comes time to make an investment decision. Several market analysts are expecting this week to be interesting for gold bar prices because safe haven demand may rise considerably if negative economic data from the housing market is released. In the past few years, the real estate market has practically gone belly up, and this may get progressively worse as the overall financial crisis deepens. Stocks on the other hand have lost massive chunks of their value, yet they are up today based on slightly higher risk-taking demand. It is important that we keep a close eye on the upcoming economic data in order to maximize our investment potential with precious metals during the worst financial crisis since the Great Depression.

By around 3:45 PM Eastern Standard Time, financial markets in general seem a bit slow, and it appears like many investors are eagerly awaiting further data from the United States Government and Federal Reserve before making important investment decisions. The gold spot price is trading around $919.30 per ounce, decreasing $11.60 for the day while the silver spot price is trading around $13.79 per ounce, decreasing $.16 for the day and the platinum spot price is trading around $1130 per ounce, increasing $29 for the day.

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Danny Burns

Senior Staff Writer – Precious-Metal.org