Daily Precious Metal Update

March 3, 2009 – Growing fears with the global economy have made many market analysts update their precious metal forecasts in order to better suit the safe haven demand that could result from the dwindling financial markets. Investors around the nation are witnessing an economic recession that has not been seen in over 70 years, and many fear for their own safety with the potential to enter another Great Depression looming just around the corner that may only be prevented if government aid is swift and effective. The average precious metal forecasts for 2009 estimated gold to be trading at around $1000-$1200 per ounce, yet many people believe that prices could go even higher as the stock markets have been tumbling to more than 10 year lows in the past few days. The potential for growth with safe haven assets like gold and silver are clearly apparent and their overall long-term investment appeal is increasing among investors who have concerns of both a deflationary and inflationary economic environment.

Today’s spot prices may be witnessing the end of their declines, and gold is currently trading down at around $914.80 per ounce while silver also moves down to $12.79 per ounce and platinum falls to $1031 per ounce. Safe haven investments have been decreasing in value as a result of a significantly large amount of profit taking in the market, but with so many precious metal forecasts expecting between 20% to 40% higher values this year, the sky may be the limit for investors who enter early.

Daily Updates Archive

Arthur McGuire

Senior Staff Writer – Precious-Metal.org