Daily Precious Metal Update

May 4, 2009 - Precious metal values are spiking up across the board today as uncertainties about the future of the financial crisis is causing more and more wise investors to diversify into safe haven metals which may outperform the majority of mainstream financial markets. In the past eight years, several of the major global equity indexes have fallen more than 50% while gold in particular has increased in value more than 300%. This comparison alone goes to show the profit and preservation potential of safe haven precious metals during difficult economic times. As you may already know, precious metal values fluctuate on a daily basis as the tug-of-war between supply and demand pushes spot prices up or down.

Today it appears like precious metal values are receiving significant support from several external economic factors such as a weakening United States Dollar, increasing Indian and Chinese demand as well as overall uncertainty about the future of this financial crisis. All of these factors have pushed the gold spot price up to $902 per ounce, increasing $16.20 for the trading day while the silver spot price sits at $13.06 per ounce, increasing $.56 for the trading day and the platinum spot price sits at $1117 per ounce, increasing $28 for the trading day. The Certified Gold Exchange is recommending that investors keep a close eye on all the external economic factors along with the upcoming government bank stress tests that could push spot prices up to their projected highs by the end of the year.

Daily Updates Archive

Danny Burns

Senior Staff Writer – Precious-Metal.org