Daily Precious Metal Update

April 21, 2009 - Precious metal spot prices are continuing to see fluctuation based on strength and weakness with other financial markets, and gold bars in particular are caught in a struggle between buyers and sellers, thus the spot price is experiencing a tug-of-war affect that may extend in the short-term. The overall health of the United States banking sector is a large concern to American investors at the moment because any further instability or increases in their toxic debt could mean severe problems for equities, which in turn could be beneficial for safe haven assets like gold bars and certified rare coins. Today it appears that most stock markets are increasing in value mostly based on the fact that the United States Dollar is strengthening versus its major rivals. It’s crucial that we keep a close eye on the currency indexes in order to determine movement with stock markets, which in turn may help us track precious metals spot prices more accurately.

By around 5 PM Eastern Standard Time, gold bars and coins in the bullion varieties are showing small contractions in value with the spot price of the metal that is currently trading at around $883.30 per ounce, down $1.50 for the trading day while the silver spot price currently sits at $12.06 per ounce, down four cents for the trading day and the platinum spot price currently sits at $1153 per ounce, down eight dollars for the trading day. Market analysts are expecting a rebound in spot prices by the end of the week if both the safe haven and industrial demand begins to pick up.

Daily Updates Archive

Danny Burns

Senior Staff Writer – Precious-Metal.org