January 22, 2009 – Gold bullion pricing moves up today based on increased demand by investors looking to hedge their assets from the array of problems in the economy. After yesterday’s small losses, investors re-entered the precious metals market today due to the latest news about the financial crisis and the grim future of the United States. I find it rather odd that gold has detached itself from the United States Dollar and other commodities such as oil and it’s mostly because investors aren’t finding safety with anything else but precious metals at the moment, especially certified investment-grade rare coins. Today the Dollar moved higher versus most of its major counterparts such as the Euro and the British Pound but it lost some ground versus the Japanese Yen. Everything from new construction to unemployment is looking bad for 2009, signalling that this could be a good year for gold bullion pricing and precious metal investors in general. Only time will tell which investments will thrive this year.
Today we see gold trading in the area of $856 per ounce, up $2.90 for the day and up $16.10 for the month. The most recent projections are saying that the economy will continue to get worse and that investors will continue flocking to gold and silver to hedge their assets during this financial crisis. The bullion estimates are at around $1000-$1500 by around midyear and the more speculative projections are saying that $2000 is highly possible. I don’t think that there’s a better time to invest in precious metals than now especially with such powerful predictions and a history of profiting during hardships. Have an excellent day and invest well.
