Daily Precious Metal Update

June 2, 2009 - In the past few weeks, a significant amount of new investors have been looking to enter the precious metals market, especially since the United States Dollar has lost significant portions of its value versus other major currencies. Several market analysts are saying that the dollar could continue losing value as the long-awaited inflation begins to put significant pressure on the fiat currency. Wise investors are entering the precious metals market in order to potentially hedge their hard-earned wealth from losses that they may be obtained with stocks, bonds and real estate. Gold and silver are currently being seen as the two ideal safe haven diversification of choice because historically, both metals have obtained significant gains while other markets floundered during similar economic environments. If you are interested in entering the precious metals market, always remember that modern-day bullion products like the American Eagles and South African Krugerrands are recommended for short-term investors while certified rare coins like the $20 Saint Gaudens and $5 Indian Heads are recommended for long-term investors.

By around 3:15 PM Eastern Standard Time, precious metal spot prices are headed in the upward direction after some minor losses that were seen yesterday, and gold is currently trading at around $979 per ounce, moving up $4.60 for the day while silver is currently trading at around $15.93, moving up $.34 for the day and platinum is currently trading at around $1239 per ounce, moving up $30 for the day. It is highly recommended that precious metal investors keep a close eye on the United States Dollar Index because safe haven metals and the fiat currency are currently trading in opposite directions.

Daily Updates Archive

Danny Burns

Senior Staff Writer - Precious-Metal.org