Daily Precious Metal Update

July 23, 2009 - Precious metal silver is in the spotlight today as the metal continues extending its gains despite a much stronger equity market. Since the beginning of 2009, precious metal silver has significantly outperformed precious metal gold. Silver has gained 21% while gold has gained 8.1% this year. Several market analysts are saying that the white metal is catching up with gold after experiencing slower-than-expected fluctuation in 2008. Nonetheless, silver is proving its ability to thrive during times of economic distress.

Gold Spot Price = $950.80 per ounce, decreasing $.30

Silver Spot Price = $13.77 per ounce, increasing $.07

Platinum Spot Price = $1177 per ounce, increasing $4.00

The latest economic data is showing that United States home sales are increasing, yet unemployment and inflation are both growing at a dangerous pace. Unemployment in particular is at a very critical level because it is currently approaching 10% nationwide, and historically a 10% unemployment level signals the beginning of a depressionary economic environment. The United States Government will likely say and do anything in order to prevent the next Great Depression, and according to several Federal Reserve officials, we are already experiencing an “economic recovery.” Do you believe that we are on our way out of the worst financial crisis since the Great Depression? Fortunately, precious metal silver and gold have proven their profit and preservation potential during similar unstable times in the past, such as in the late 1970’s when both metals increased more than 800% in just two years.

Daily Updates Archive

Danny Burns

Senior Staff Writer - Precious-Metal.org