Daily Precious Metal Update

March 5, 2009 – Gold projections are once again being modified by many financial institutions and market analysts that put their forecasts out earlier in the year with the hope of the United States economy restoring during 2009. This hope is quickly decaying as inflation, credit risk and falling stock markets are driving investors away from mainstream investing methods and into the safe haven alternatives like gold and silver. Both metals have outperformed the majority of other investments in the past few years and there is a clear possibility that they may continue doing so in the future as the economic recession worsens. The recent gold projections are looking extremely bullish and for example, one from Delta Global Advisors said that the metal could increase by up to 54% to around $1250-$1040 per ounce by late 2009 and into early 2010 due to significantly higher inflation. A speculative projection, yes, but not impossible considering the surprises we have already seen during this financial crisis.

Precious metal values are shooting back up after seeing some losses earlier in the week, and the spot price of gold is currently at $931.60 per ounce, up $25.70 for the day while the spot price of silver moves up $.32 to $13.23 per ounce and platinum also moves up $13 to $1059 per ounce. Another one of the more interesting gold projections was the one put out today by Merrill Lynch that raised its bearish forecast of $875 per ounce to an impressive yet realistic $1000 per ounce.

Daily Updates Archive

Arthur McGuire

Senior Staff Writer – Precious-Metal.org