January 13, 2009 – Gold bullion bars and coins shed 3.6% today, dragging other precious metals lower as oil continues to drop and the Euro continues to extend its losses versus the United States Dollar and physical demand for the metal slows down a bit, but not for long. It is said that the strengthening United States Dollar and the unstable, falling oil prices are dragging bullion prices lower as well as other precious metals. Luckily, we are forecasted to see an immediate surge in demand as a physical possession investment in the near future as the masses of investors turn to precious metals as a safety from the storm.
Gold is currently trading at $823.10 per ounce, a decrease of $30.50 for the trading day but still at an increase of $1.10 in the last 30 trading days. As investors continue to seek a safer place to put the cash and the credit crunch hits even harder than ever, we could see the projected prices of gold bullion bars and coins become a reality and I’m sure no precious metals investor would mind $1,200 or higher per ounce.
All eyes are on currencies right now and the United States Dollar is slightly higher this week while the Euro is likely to fall as the European Central Bank cuts rates to balance out the weakening European economy. This may just be one of the best times to own gold bullion bars and coins so if you’re not in the market already, this could be a big chance. Have a beautiful day and invest well.
