Daily Precious Metal Update

July 28, 2009 - Precious metal values are headed lower today as most investing markets in general have stalled as a result of a stronger United States Dollar Index and speculation that anything could happen in our current financial crisis. We are definitely seeing some odd market movement today as everything from precious metal values to crude oil and stock indexes are tumbling based on investor uncertainty. The latest economic data is also showing the consumer confidence has dropped significantly, down to 46.6 in July from 49.3 in June on the Consumer Confidence Index. Fortunately, if the financial crisis continues to worsen down the road, investors could protect themselves by owning safe haven precious metals like gold, silver and platinum.

Gold Spot Price = $938.30 per ounce, decreasing $15

Silver Spot Price = $13.73 per ounce, decreasing $.28

Platinum Spot Price = $1195 per ounce, decreasing $21

The latest short-term market projections are saying that precious metal values may continue trading inversely with the United States Dollar like they have done since the beginning of the year as a result of the current tug-of-war between optimistic investors who feel that the economy will recover and pessimistic investors who feel that the economy will continue to contract. Either way, if the economy gets better, the United States Federal Reserve will be forced to increase interest rates, thus sparking inflation which is typically very beneficial for precious metal values, yet on the other hand, if the economy gets worse, safe haven investors may continue purchasing gold and silver in order to protect their hard-earned wealth.

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Danny Burns

Senior Staff Writer - Precious-Metal.org