Daily Precious Metal Update

December 15, 2009 – Precious metal prices were repressed this morning even though more gold was bought by investors than sold, because the US dollar index rose against a basket of other major currencies. Per the Kitco Gold Index, the gold spot price fell $6.50 due to the strengthening of the greenback, although gold was boosted $4.60 due to predominant buying and increased demand for safe-haven holdings. These fluctuations bring us to a $1.90 loss per ounce so far today, and economists have called for higher precious metal prices as the end of 2009 draws near.

Many investors prefer to purchase precious metals every December because it allows them to store a portion of their wealth privately before the New Year arrives. These investors employ this “use it or lose it” technique with their surplus funds in the final stretch of the fourth quarter, so precious metal spot values generally rise quite a bit just before the ball drops each new year.

You can track precious metal prices at www.GoldPrice.net, or you can register at the end of this article for free information and live quotes on the most heavily targeted gold, silver, and platinum, products. The gold spot price at 11am EST was $1128.30, and this is a $1.90 (0.2%) repression from the trading session’s opening values. COMEX-approved silver was selling based on a $17.38 spot price, and this is a reduction of $0.02 so far today. Platinum was valued at $1442 at the time this entry was written, which is $6.00 lower than the market’s opening levels.

Contact Precious-Metal.org through our secure email server or through our toll-free help desk, or simply register below for more information on precious metal prices and the rapidly-moving precious metal market. 

Daily Updates Archive

Danny Burns

Senior Staff Writer - Precious-Metal.org