Daily Precious Metal Market Update

July 30, 2009 - Precious metal investing is increasing in popularity today as spot prices have rebounded from two-week lows that were seen yesterday based on a weakening United States Dollar Index and growing speculation that an economic recovery in the short-term could create dangerous inflation in the long-term. This comes as no surprise, especially after the United States Government mentioned that inflation will be a vital part of an economic recovery down the road. Unfortunately, many investors don’t understand the severity of this inflation and how it could affect dollar-backed assets that have floundered during inflationary times in the past. Fortunately, precious metal investing could be the ultimate answer for those investors who are wondering how they may be able to protect their hard-earned wealth in the event that the United States Dollar loses value down the road.

Gold Spot Price = $935 per ounce, increasing $5.60

Silver Spot Price = $13.47 per ounce, increasing $.20

Platinum Spot Price = $1179 per ounce, increasing $8

Inflationary pressures are not just affecting the United States, and recent news has shown that China’s central bank has mentioned that they will maintain a “moderately loose monetary policy” in order to support their economic growth. This basically means that they could continue purchasing large amounts of gold in particular in order to protect their fiat currency from the onslaught of inflation that is currently growing slowly but surely in economies worldwide. Many wise American investors are making similar diversifications by beginning precious metal investing throughout these uncertain economic times.

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Danny Burns

Senior Staff Writer - Precious-Metal.org