Daily Precious Metal Update

July 15, 2009 - The precious metals market is seeing some considerable movement today as the latest negative economic data is causing many wise American investors to purchase gold, silver and platinum as their shelter from the coming storm. In the past few weeks, the precious metals market has been quite stale as its primary driver, the United States Dollar Index was not showing very much fluctuation. Now that the dollar is in the spotlight as inflationary pressures are growing in our economy, spot prices are once again climbing as safe haven demand slowly but surely begins to build once again.

Gold Spot Price = $939 per ounce, increasing $13.70

Silver Spot Price = $13.25 per ounce, increasing $.38

Platinum Spot Price = $1157 per ounce, increasing $28

As you can see, the precious metals market is experiencing some moderate upward fluctuation as investors are turning to the metals in order to protect their hard-earned wealth from the instabilities with dollar-backed assets. The most recently released economic data shows that our Producer Price Index and Consumer Price Index have risen much more than expected, proving that inflation is continuing to grow. Don’t let this surprise you, especially since inflation becomes almost inevitable in economies when governments overprint fiat currencies. Fortunately, history has proven that the precious metals market could thrive during times of dangerous inflation, just like in the late 1970’s when gold and silver increased more than 800% in just two years while dollar-backed assets crumbled amidst a contracting economy.

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Danny Burns

Senior Staff Writer - Precious-Metal.org