Daily Precious Metal Update

January 23, 2009 – Gold Projections continue looking bullish for short-term and long-term investments especially after today’s large spikes in spot prices as a result of investors buying on fear of a worsening global recession. It seems like the only things that are not falling right now would be the United States Dollar and safe haven assets like gold, silver and platinum. It’s important to know that gold has officially detached itself from the United States Dollar and oil prices, and it almost has a mind of its own right now because it is moving side-by-side to the Dollar when usually it is supposed to be adverse to it. Market analysts are saying the reason behind this is because investors are looking for a safe haven asset while at the same time remaining confident in the future of the United States Dollar, even though it could flounder in the next several months, which could in turn make even the most speculative gold projections a reality very soon.

Today gold is trading in the area of $894.30 per ounce, up $37.90 for the day and up $47.30 in the last 30 trading days. Silver on the other hand is trading around $11.62 per ounce, up $.23 for the trading day while platinum raises $16 to around $930 per ounce. Silver and gold projections are saying that the metals should be around 20% to 25% higher in the next few months and that record highs may be surpassed this year. Platinum on the other hand will be dependent on the economy and the demand for automobiles. Invest well and have an excellent day.

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Arthur McGuire

Senior Staff Writer - Precious-Metal.org