January 5 - Daily Precious Metals Update

January 5, 2009 - Precious metals all tumble a slight bit today as the United States Dollar gain some ground versus other currencies. Precious metal bars are still in high demand and brands like Johnson Matthey, Credit Suisse and Pamp Suisse have been selling out in many exchanges around the country, despite the loss in value. Investors know that precious metals bars and coins are an excellent alternative investment especially when mainstream investments like stocks, bonds and savings accounts are being crippled by a weakening economy. Earlier today, I read a gold market projection by an investment strategist named Byron Wien that said that gold should be $1200 per ounce during 2009, making this early opportunity a steal for those who want to make a quick 40% to 50% return from investment while others are losing about the same amount.

The current gold spot price sits at around $855 per ounce, down $3.30 for the day but still up $100.70 in the last 30 trading days. Silver on the other hand falls about eight cents down to $11.14 per ounce while platinum falls eight dollars down to $935 per ounce. It’s quite sad that platinum was trading for less than gold about three weeks ago during probably the most turbulent time ever for automaker companies. Only time will tell what will happen to precious metal bars and coins, but one thing is certain, and it’s that historical charts have proven that they only go up over time and that’s what I’m expecting. Have a beautiful day!

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Arthur McGuire

Senior Staff Writer - Certified Gold Exchange