Daily Precious Metal Update

February 16, 2009 – The current prices of precious metal bars could signal an excellent time to enter the market especially since such a large amount of market analysts believe that prices could surpass record highs this year due to investors seeking the ideal store of wealth while stocks are failing. During early-morning trading we saw a small amount of selling which evened out during the midday and started to increase as a result of even more safe haven purchasing. In the last two weeks we have seen such a powerful rally to precious metal bars and coins that even investors who were pessimistic about the market have decided to finally invest and see what all the hype is about. Reputable companies like a Certified Gold Exchange have reported an increased demand for precious metal bars as well as certified rare coins as the recession continues to worsen. Let’s see what 2009 has in store for us investors.

During midday trading precious metals are seeing mixed movement, with gold increasing to $942 per ounce, silver decreasing to $13.58 per ounce and platinum increasing to $1063 per ounce. A recent interview with John March who is a technical analyst at Superior Gold Group mentioned that if governments continue to keep on spending money in order to bail themselves out of a tricky situation that we could end up seeing hyperinflation, which has proven to be ideal for gold and silver. I wish you the best of luck when investing.

Daily Updates Archive

Arthur McGuire

Senior Staff Writer – Precious-Metal.org