June 30, 2009 – Gold Eagle prices are slowly tumbling today as the latest economic data is driving many investors into riskier dollar-backed assets as opposed to safe haven precious metals. It appears that gold Eagle prices are headed for a 5% June loss as this slow month finally ends and we are now entering two critical months, July and August that could show significant gains with the gold spot price. According to several market analysts, the middle to end of summer could be a prime time for the spot price to increase above and beyond its all-time record high, and the latest projections are saying that the metal could hit $1200 per ounce before September. Although these projections seem a bit speculative, nothing is impossible in our current economy, especially since unemployment has risen to nearly 10% nationwide and consumer confidence has fallen significantly within the last few months while the United States Dollar slowly but surely begins to feel the onslaught of inflation. Historically, gold thrives during inflationary economic environments, and if the United States Federal Reserve decides to increase interest rates before the end of the year, we may just see an optimal environment for much higher spot prices.
By around 2:15 PM Eastern Standard Time, gold Eagle prices have fallen for the second consecutive trading session as safe haven demand is slowly decreasing based on a stronger United States Dollar, still the spot price is trading firmly at $926.50 per ounce, down $10.80 for the trading day, and up $1.60 in the last 365 trading days.
