Daily Precious Metal Market Update

July 7, 2009 - Precious metal prices are tumbling today as the United States Dollar continues inching its way forward despite growing speculation about a new reserve currency that could replace the global prominence of the USD. Safe haven demand has withered within the past few days as many investors are eagerly awaiting direction from the upcoming G-8 meeting that could lead the way for either higher or lower precious metal prices, depending on what ends up happening with the dollar and the “replacement” reserve currency. No matter what ends up happening with the dollar down the road, several leading market analysts are predicting high inflation as a result of our excessive overprinting, and to make matters even worse, if the Federal Reserve decides to increase interest rates before a true economic recovery is seen, we may just experience a financial environment similar to the late 1970’s when precious metal prices skyrocketed more than 800% in just two years. Many investors who understand how inflation and deflation work are now taking the opportunity to diversify into physical possession bars and coins in order to potentially protect their hard-earned wealth from the dangers that may lie ahead in our economy.

By around 4:20 PM Eastern Standard Time, precious metal prices are slowly falling along with mainstream stock indexes, and it appears that investing markets in general are a bit stale today prior to tomorrow’s G-8 meeting. Gold is currently trading at $924.60 per ounce, falling $.30 for the day while silver is currently trading at $13.09, falling $.16 for the day and platinum is currently trading at $1133 per ounce, falling $11 for the day.

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Danny Burns

Senior Staff Writer - Precious-Metal.org