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December 1, 2009 – Precious metal values spiked again today, after the public learned that India and Chine may be vying for the right to purchase the International Monetary Fund’s (IMF’s) remaining 200 tons of gold. On November 3, India purchased the first 200 tons that the IMF was offering, and this move by India’s central bank sparked a buying riot by US household investors. Many market analysts initially thought that the gold offering would lower the gold spot price because of so much gold coming onto the market, but the desire by the international community to scoop up the IMF’s gold before it went on the public market has spurred an upward frenzy in previous metal values.

At 1pm EST, gold for December delivery was trading at $1199.80 per ounce on the COMEX division of the New York Mercantile Exchange (NYMEX). Although considered a “piggy-backer” by many economists because of its speculative qualities and high utilization in the automotive industry, platinum has posted a gain of $26 per ounce so far today. Silver has decided not to be left out of the current rally, as evidenced by the affordable white metal’s climb above $19 per ounce for the first time in more than a year.

Projections are for precious metal values to rise in 2010, because US currency is expected to weaken by another 12% and demand for safe-haven assets is expected to increase until the worst economic period in US history since the Great Depression eases. This could be years away from happening, so if you believe that your portfolio could benefit from precious metal fortification, email or call us for the best information on the precious metal market, which we can send electronically or right to your door. 

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Danny Burns

Senior Staff Writer - Precious-Metal.org