Daily Precious Metal Update

May 1, 2009 - Precious metal projections are being released yet again today, many showing mixed feeling about the overall state of the United States economy and the global financial crisis, yet several have remained bullish. It appears like market fluctuation in the next few weeks will be closely related to the upcoming government banks stress tests along with any external economic data that creates optimism or pessimism in the minds of American investors. Since the beginning of the year, the Certified Gold Exchange has noticed an overall bullish sentiment with precious metal projections because market analysts firmly believe that safe haven demand would take priority above risk-taking demand. Currently, stock indexes are strengthening significantly, and this is being caused by government and Federal Reserve remarks saying that the financial crisis is easing, yet inflationary pressures and an overall failing economic system could shift sentiment in the near future. This being said, it’s important that investors who want to diversify into safe haven metals do so now before it’s too late.

By around 2:30 PM Eastern Standard Time, the gold spot price is currently trading at $885.50 per ounce, falling $.70 for the day while the silver spot price is currently trading at $12.46 per ounce, gaining nine cents for the day and the platinum spot price is currently trading at $1089 per ounce, falling $14 for the day. Keep a close eye on stock indexes as well as any news that may create short-term safe haven demand in order to potentially maximize the potential of a precious metal diversification at the moment.

Daily Updates Archive

Danny Burns

Senior Staff Writer – Precious-Metal.org