Daily Precious Metal Update

June 18, 2009 - Precious metal investing is commonly seen as an ideal way for investors to preserve hard-earned wealth and even profit when spot prices are climbing as a direct result of weakening economic factors. Today we are seeing gold and silver spot prices climbing as the platinum spot price takes a small step back due to lower confidence with the automobile industry. Some of the most recent news and articles released from major companies such as Bloomberg and Reuters have mentioned that safe haven precious metal investing could be an ideal short-term and long-term diversification method as the United States Dollar continue showing signs of instability down the road. Let’s face it, the current economic recession is the worst one that Americans have seen since the Great Depression, and even if the recession ended tomorrow, we still have to face the onslaught of after-effects due to overprinting of dollars, which historically creates dangerous inflation in economies. If the inflation comes, many investors would be happy that they began precious metal investing before it was too late, especially since spot prices could climb significantly, like they did in the late 1970’s when gold climbed more than 850% in just two years.

By around 3:45 PM Eastern Standard Time, precious metal spot prices are headed in inverse directions, with gold trading at $937.90 per ounce, up $3.10 for the day while silver is trading at $14.31 per ounce, up $.13 for the day and platinum is trading at $1204 per ounce, down $12 for the day.

Daily Updates Archive

Danny Burns

Senior Staff Writer - Precious-Metal.org