January 16 - Daily Precious Metal Update

January 16, 2009 - Precious metals spot prices are at an incline today and the latest projections are saying that prices should continue to increase once further news kicks in about the worsening global economy. Gold is currently trading at around $835 per ounce, up $19 for the day while silver trades at around $11.10 per ounce, up $.52 for the day and platinum gains $18 to $937 per ounce.

The only thing these numbers really indicate today is that the American Dollar is still going through turbulent, unpredictable times. Precious metal spot prices have interested so many investors in 2008 simply because they have grown weary of worrying about their other investments. Between crashing stocks, the credit crunch, and an unpredictable real estate market, precious metal investing is simply one of the few secure, predictable investment options left open to investors.

If we simply take a look at a few facts, it’s really not surprising in the least that 2008 saw a record number of new investors trying their hand at the market. Just consider; the national debt has each and every American man, woman and child in for around $35,000 per person, while December of 2008 saw the weakest holiday shopping season in forty years. So it really is no wonder that precious metals spot prices have fluctuated for the better in the last few weeks.

This early in the year, it’s still somewhat tricky to predict exactly what is to come for metal investors over the next twelve months, but it wouldn’t be surprising in the least to see a strong showing for all three of our metals. Have an excellent day!

Daily Updates Archive

Arthur McGuire

Senior Staff Writer - Certified Gold Exchange