Daily Precious Metal Update

February 23, 2009 – Precious metal values have increased substantially since the beginning of the year and it’s mostly because of the increasing amount of long-term investors looking for a store of wealth with historically preservative products such as bullion coins and certified investment grade rare coins. The overall long-term investment demand for the safe haven metals like gold and silver have increased more than four times in the last quarter of 2008 and it is looking like it made double during the first quarter of 2009. Today we’re seeing a slightly stronger equity market but many are predicting that anything tied to a weakening currency is a dangerous investment at the moment, and thus stocks could fall once again and precious metals may peak to above their record highs as investors around the nation start to run out of investment options. 2009 has already proven to be an exciting year for precious metals values, so investing in a few bars and coins certainly make sense.

Last week we saw precious metals values peaking to higher than expected levels, with gold reaching its 11-month high at $1006 per ounce. Today, the gold spot price fell a slight bit during the early morning trading hours but is rebounding to around $994.30, an increase of $1.10 for the trading day while the silver spot price makes an $.18 jump to around $14.59 per ounce and platinum falls $4 to around $1077 per ounce. With the high possibility of a deepening recession and even a currency collapse, more and more wise investors are turning to the safe haven metals in order to protect their investment portfolios once again. I wish you the best luck when investing.

Daily Updates Archive

Arthur McGuire

Senior Staff Writer – Precious-Metal.org