Daily Precious Metal Update

February 2, 2009 – Precious metals investments are looking bullish for 2009 even though we’ve seen some small decreases in value during midday trading today due to the usual round of short-term investors making a quick profit as speculation about last week’s rally could have been a slight bit overdone. Last week was surely saw a powerful week for precious metals investments, and gold in particular which saw a 3.1% increase in value. This is surely a sign of things to come and by Friday of this week we should be seeing the newly released unemployment data, which will probably list an additional 100,000 to 200,000 Americans without jobs. We are nearing the 5 million-unemployment level but we can’t complain considering that China just reported that 26 million migrant workers have already lost their jobs in this financial crisis. This number alone is larger than Australia’s overall population.

Today we’re seeing all spot prices decrease in value, with gold coming down to $906.10 per ounce, a $21.06 fall for the day but still a $31.20 increase for the day while silver drops $.25 to $12.42 per ounce and platinum also dropped $16 to around $971 per ounce. This could just be an excellent time to partake in precious metals investments because of the low prices and bullish projections saying that prices could significantly increase by the end of the year. I wish you the best luck when investing in gold, silver and platinum. Have an excellent day.

Daily Updates Archive

Arthur McGuire

Senior Staff Writer – Precious-Metal.org