Daily Precious Metal Update

May 6, 2009 - Precious metal investing could have several advantages if done correctly, and it appears like more wise American investors are beginning to take advantage of the market in order to both profit and preserve their hard-earned wealth during this worsening financial crisis. Unlike mainstream investing methods like stocks, bonds and real estate, precious metal investing is considered a safe haven method of diversification because metals tend to run in the opposite direction of mainstream markets. In the last few years, we have seen the majority of mainstream investments go belly up as the United States slowly spiralled into the dangerous financial crisis that we’re in today. Fortunately, wise investors have decided to protect themselves by diversifying into either short-term bullion products or the longer-term certified investment-grade rare coins. Historically, precious metals have increased in value significantly during troubling economic times, and during the last inflationary cycle of the 1970’s, gold increased by more than 1000% at times.

By around 3:30 PM Eastern Standard Time, precious metal investing is picking up significantly on the New York Mercantile Exchange, and spot prices are increasing across-the-board. Currently, the gold spot price is sitting at $910.70 per ounce, up $14.80 for the day while the silver spot price is sitting at $13.71 per ounce, up $.39 for the day and the platinum spot price is sitting at $1135 per ounce, up eight dollars for the day. Short-term projections for precious metal spot prices are looking increasingly bullish, and inflationary pressures may continue withering away at the United States Dollar while at the same time benefiting safe haven metals.

Daily Updates Archive

Danny Burns

Senior Staff Writer – Precious-Metal.org