Daily Precious Metal Update

June 5, 2009 - The United States Dollar continues with its unstable trend today as it makes a small incline for the day while gold, silver and platinum head in the downward direction, yet it appears that the overall demand from Americans looking to invest with precious metals is not going to stop, especially after the latest economic data proving that things are only getting progressively worse. During the month of May, payrolls fell by 345,000 and the jobless rate rose to 9.4%, the highest since 1983. This data clearly shows that the financial crisis is worsening, but for some reason there seems to be speculation arising that the worst of this recession is over. Many investors and market analysts don’t understand the long-term problems that we may face, and even if the recession was to end today we still have to worry about hyperinflation down the road as a direct after-effect of our excessive overprinting for stimulus and bank bailout packages. If the United States Dollar collapses within the next few years, the wise Americans who made the decision to invest with precious metals could be sitting pretty known that they own some of the most historically preservative assets available.

By around 2:50 PM Eastern Standard Time, it appears that less investors are deciding to invest with precious metals today, yet an interesting Bloomberg survey forecasted that demand may increase next week based on the instability with the dollar. This being said, make sure you keep a close eye on the daily market spot price of precious metals in the short-term. Currently, the gold spot price sits at $955.40 per ounce while the silver spot price sits at $15.29 per ounce and the platinum spot price sits at $1263 per ounce, all declining for the trading day.

Daily Updates Archive

Danny Burns

Senior Staff Writer - Precious-Metal.org