Daily Precious Metal Update

March 6, 2009 – Silver projections continue to move in the upward direction as several market analysts and financial institutions believe that 2009 will be a decisive year for precious metal investing and safe haven buying. All three of the investment-grade precious metals are increasing in value today as investors begin to flock to the market once again after witnessing the Dow Jones Industrial Average fall 4.1% yesterday and the United States unemployment rise to 8.1%, the highest level seen in 25 years. The good news is that gold in particular has begun to rebound and it increased in value 2.9% yesterday, which puts the metal up 6.5% for 2009. The future looks positive for the safe haven metals, as seen in the latest gold and silver projections, yet the industrial metals like platinum could be experiencing some difficulty as the demand flounders due to a debilitated automobile industry.

Spot prices are moving up quite slowly today, with gold sitting at around $938.70 per ounce, an increase of $6.30 or .68% while silver also increases nine cents to around $13.33 per ounce and platinum follows their lead increasing nine dollars to around $1071 per ounce. As people begin to understand the severity of our current economic recession, demand for precious metals could increase, thus making several of the gold and silver projections a reality in the near future. 2009 has been full of surprises so far, and with such bullish projections for the year and into the upcoming three years, the sky is the limit for safe haven assets at the moment.

Daily Updates Archive

Arthur McGuire

Senior Staff Writer – Precious-Metal.org