February 26, 2009 – The gold bullion spot price is falling today for the fourth day in a row as global stocks rebound along with fiat currencies during a temporary confidence that the financial recession is not as bad as it seems. The worst thing is that the recession is only getting worse in reality, with unemployment levels rising to 667,000 last week and thousands of investors running away from stocks and dollar-backed investments and into safe haven assets such as precious metals, thus increasing the gold bullion spot price as result of higher demand. The World Gold Council announced that gold has become the most favored asset to investors this year, and it is clear to see by looking at other investing markets as well as the most recent spot prices. For example, the Austrian Mint is seeing a significantly higher amount of purchases, selling over 1.5 million ounces last year, which included more than 750,000 Austrian Philharmonics.
Today the daily market gold bullion spot price has fallen to around $940 per ounce, a decrease of $12.10 for the trading day but still an increase of $37.70 in the last 30 trading days and $1.70 in the last 365 trading days. The slight recovery being seen in the equities market is the driving factor for the decreasing spot prices, but with corporations projected to flounder during 2009, there is potential that the metal could reach its record high and beyond as the year progresses. I wish you the best of luck when investing in precious metals.
