Daily Precious Metal Update

June 15, 2009 - Precious metal projections have been impressively bullish since the beginning of 2009, and despite today’s tumbling spot prices, it appears that many global market analysts are still holding on strong to their previous forecasts that predict much higher spot prices before the end of the summer. Gold and silver in particular are in the spotlight today because of their safe haven status, and historically investors flock to both metals as a hedge from weakening mainstream financial markets, inflation and deflation. One of the main reasons why precious metal projections have been so bullish lately is because central banks around the globe are significantly increasing their precious metal holdings in order to be as far away from fiat currency to possible. This is creating speculation that massive shifts in wealth may occur within the next few months from fiat currencies into physical possession gold, silver or platinum. This is without a doubt one of the wisest decisions that central banks could do, especially since fiat currencies could face serious problems down the road as a direct result of the latest overprinting and quantitative easing measures.

By around 3:30 PM Eastern Standard Time, gold, silver and platinum are losing value across the board, yet short term precious metal projections are expecting rebounds by next week. Currently, the gold spot price is sitting at $939.50 per ounce, falling $14.50 for the day while the silver spot price is sitting at $14.85 per ounce, falling $.53 for the day and the platinum spot price is sitting at $1251 per ounce, falling $11 for the day.

Daily Updates Archive

Danny Burns

Senior Staff Writer - Precious-Metal.org