Daily Precious Metal Update

March 18, 2009 - Precious metal silver and gold have officially ended their three-day losing streak as safe haven demand is currently skyrocketing the current spot prices. The biggest news is coming directly from the Federal Reserve and they are saying that they will purchase $300 billion worth of long-term treasuries in order to aid the United States economy during this recession. This announcement instantly caused many investors to sell their equities and enter the precious metal silver and gold market in order to benefit from any more positive fluctuation that we could experience in the near future. Earlier in the day both markets were seeing some sharp declines and many expected further drops due to a rally in the stock market, but sure enough the financial crisis caused both markets to switch positions and now it looks like the safe haven assets are on top. 2009 has been full of surprises so far; the question is, what will happen as the months go by?

During the afternoon trading hours, safe haven demand is spiking, and this is why the spot price of gold is up to $945.80 per ounce while the spot price of precious metal silver is up to $12.84 per ounce. Both have made significant gains for the day and gold in particular is experiencing a historical date that may be remembered for years to come. Investors are now eagerly waiting the surpassing of the record high set at $1033 per ounce. Will it occur by the end of the week?

Daily Updates Archive

Danny Burns

Senior Staff Writer – Precious-Metal.org