Daily Precious Metal Update

May 15, 2009 - Precious metal prices are set on global commodities exchanges as fluctuation pushes and pulls their values. It is very important that investors understand that precious metal prices vary depending on the type of metal along with the type of product that is purchased. Gold and silver for example are considered safe haven assets, yet gold is sought after more for investment purposes while silver is sought after more for industrial purposes. Platinum on the other hand is a more industrial type of metal, most commonly used in automobile catalytic converters to reduce emissions. As far as products are concerned, the two major categories are bullion bars and coins and certified rare coins. Bullion seems to be more popular with investors who seek short-term profit while certified rare coins seem to be more popular with investors who seek long-term profit and wealth preservation. The Certified Gold Exchange always recommends that investors work hand-in-hand with a market expert in order to potentially maximize their investment potential, because in the end two heads are always better than one.

By around 4:45 PM Eastern Standard Time, precious metal prices are heading in odd directions as the gold spot price climbs to $930.60 per ounce, up $4.90 for the trading day while the silver spot price falls to $13.97 per ounce, down eight cents for the trading day and the platinum spot price also falls to $1101 per ounce, down $10 for the trading day. So far this year, gold and silver in particular have outperformed most other commodities, so keep a close eye on upcoming spot prices that may show interesting fluctuation if the economy worsens.

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Danny Burns

Senior Staff Writer – Precious-Metal.org