Daily Precious Metal Update

February 26, 2009 – Precious metal spot prices are showing mixed results today, with gold and silver decreasing in value due to short-term profit-taking and platinum increasing in value due to slightly higher confidence in the United States Dollar and the automobile industry. Speaking about the automobile industry, General Motors has officially reported a $9.6 billion fourth-quarter loss, and government auditors are deciding whether or not the company is suitable to survive this recession. They have already received over $13.4 billion from bailout plans and the future looks grim, as market analysts believe that the situation will only get worse. Precious metal spot prices have been projected to run in adverse directions by around next week as the automobile market continues to get hit hard and gold and silver continues to be the ideal safe haven investments to own during one of the worst financial crises seen in the United States.

The latest precious metal spot prices are as follows: gold is trading at around $941.20 per ounce, a decrease of $10.90 for the day and an increase of $38.90 for the month while silver falls $.60 to around $13.13 per ounce and platinum increases four dollars to around $1051 per ounce. Several financial institutions have recommended holding onto precious metals as a long-term investment as it can prove to be a sound profit and preservation tool during a troubling time like the one we’re experiencing now. I wish you the best of luck when investing.

Daily Updates Archive

Arthur McGuire

Senior Staff Writer – Precious-Metal.org