Daily Precious Metal Update

September 9, 2009 - The precious metals market forecast reveals some interesting information today for those who buy and sell gold, silver, platinum, palladium, and rhodium. The precious metals market forecast comes at a time when gold has reached $1000 for only the sixth time in history, and coupled with the fact that the Federal Reserve released their quarterly economic assessment today, the precious metals market forecast takes into account the most up-to-date information that is made availabe to the public.

Gold for September delivery fell slightly today to $993 per COMEX ounce, down $4.70 from yesterday's levels. After topping the $1000 mark Tuesday, the yellow metal stayed mellow throughout the trading day on Wednesday as stock indexes rose slightly. Most investors around the country were reviewing the latest report from the Fed, which tells us that the automobile industry did well in the past quarter, although most other markets are still experiencing problems. Many investors think that the data showing growth in the automobile industry is the direct result of the government's Cash-For-Clunkers program, which could mean a drastic fall in consumer spending for the last quarter of 2009.

The Wall Street Journal is projecting that gold could rise by as much as 25% over the next four quarters, although a large number of individuals who hold gold are less concerned with making a quick profit. Many are purchasing precious metals like gold for self-empowerment and wealth preservation right now, at a time when the bottom is dropping out of many traditional holdings such as stocks and real estate. The current and gaining trend is for investors to balance out losses in these markets by shifting a percentage of those assets into precious metals.

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Danny Burns

Senior Staff Writer - Precious-Metal.org