Daily Precious Metal Update

May 5, 2009 - Precious metal pricing is headed in inverse directions today as safe haven demand for gold falls just a bit while industrial demand for silver and platinum increases for the second trading session in a row. As you may already know, precious metal pricing fluctuates every business day on several commodities exchanges around the world, commonly known as the daily market spot price. The spot price can be affected by several external economic factors such as the strength of the United States Dollar and equity markets, and today we’re seeing just that. It appears like the United States Dollar is continuing its downward rally side-by-side with equity markets. This is creating more safe haven demand as wise investors decide to protect the hard-earned wealth with precious metals that historically increase in value when mainstream financial markets flounder.

By around 2 PM Eastern Standard Time, precious metal pricing is showing odd fluctuation, with the gold spot price currently trading at $901.80 per ounce, falling $1.40 for the trading day while the silver spot price is currently trading at $13.35 per ounce, increasing $.32 for the trading day and the platinum spot price is currently trading at $1126 per ounce, increasing eight dollars for the trading day. The latest market forecasts are saying that this month could be an interesting time for precious metals because the United States Dollar and equities are expected to continue losing value as the financial crisis worsens and government bank stress tests are released worse than expected.

Daily Updates Archive

Danny Burns

Senior Staff Writer – Precious-Metal.org