Daily Precious Metal Update

December 4, 2009 – Lower precious metals prices were available on our nation’s major exchanges today, including the certified Gold Exchange, which began a large institutional transaction. After our nation’s seemingly better than expected unemployment report and a mildly strengthening dollar, which is normal during the holiday shopping season, some investors decide to take profits from the gold and silver markets.

The spot prices for gold, silver, and platinum are listed by the COMEX on the New York Mercantile Exchange (NYMEX), and you can track these roving values at www.GoldPrice.net. Gold was down 2.6% today to $1179 per ounce, but the yellow metal is still up 6.5% in the last 30 days. Silver fell below the $19 plateau yesterday, and that metal is currently trading based on a spot value of $18.69. Platinum has not only suffered because of the strengthening dollar but its widespread use in the failing automotive industry has hurt projections. Platinum is presently valued at $1445, which is a $37 decline for the trading day.

Major gold exchanges like the Certified Gold Exchange offer lower precious metals prices because financial institutions conduct their business with these entities. Once an institution locks in on a product and price, household investors can sometimes take advantage of the large-volume trade by having their order attached at the discounted price. Successful financial conglomerates have been purchasing gold since 2001, and the top technical analyst for Merrill Lynch even said that gold was “the buy of a generation.”

If you want to enter the precious metals market while spot values are in a “valley”, it may be wise to make your investment now. Projections for 2010 are looking bullish, so today’s pullback could be the perfect reason to get started in the precious metals market. To learn more about this exciting market, request one of our award-winning investment brochures below. 

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Danny Burns

Senior Staff Writer - Precious-Metal.org