Daily Precious Metal Update

June 4, 2009 - Gold, silver and platinum are shooting back up today after yesterday’s small contraction that was a direct result of a stronger United States Dollar, yet the fiat currency is losing value yet again as wise Americans continue to invest in precious metals as their ultimate hedge from a weakening economy. Inflationary fears are on the rise again as more and more investors are becoming aware of the potential after-effects that may occur after governments around the world pumped trillions of dollars into their economies in order to sustain confidence and prevent an economic collapse. Many of these investors have made the wise decision to invest in precious metals, especially the safe haven metals that are gold and silver. In the past two months, spot prices of precious metals have increased significantly as speculation arose saying that the financial crisis could worsen despite massive stimulus and bank bailout packages. This being said, don’t miss the opportunity to invest in precious metals, especially if you feel that the economy could get progressively worse down the road.

By around 2:40 PM Eastern Standard Time, it appears that precious metal spot prices are headed right back up today, and they seem to be ignoring other economic factors that typically hold them down, such as a stronger stock market. Currently, gold is trading at around $978.90 per ounce, increasing $16.30 for the day while silver is trading at around $15.87 per ounce, increasing $.56 for the day and platinum is trading at around $1286 per ounce, increasing $51 for the day.

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Danny Burns

Senior Staff Writer - Precious-Metal.org