September 15, 2009 Posted by James Randolph on September 15, 2009
September 15, 2009 – The latest news from economic experts looks bleak, and investors are stashing their hard-earned wealth in safe haven asset classes like certified gold. PCGS and NGC certified gold coins historically perform better than gold bullion for long-term investors, and the inherent numismatic value that they carry is projected to go up if the risk of bullion confiscation continues to grow.
The Federal Reserve reported Monday that American families lost an average of 3.6% of their income in 2008, and this is expected to have a major impact on consumer spending. Consumer spending accounts for 70% of US economic activity, so the reported loss of income could mean record-high gold prices before the end of 2009. The worst recession since the 1930s is expected by many economists to get worse because of devaluing currency and a job market that has seen over 7 million positions disappear since January. There are currently over 500,000 American citizens filing initial claims for unemployment each week, and shrinking corporations aren’t promising much in the way of new jobs. White House economists claim that over 1 million jobs have been saved or created since President Obama first sat down in the Oval Office, but the figure appears somewhat stunted when compared to the number of Americans that are out of work. Thus, gold bullion and certified gold are projected to rise in proportion to the falling Dollar and US economic worth.
The active gold spot price is once again approaching $1010 levels, and at 5pm EST one ounce of COMEX gold was selling for $1009, which is a 0.85% increase for the day. Gold spot prices and certified gold prices can be tracked at www.goldprice.net and www.PCGS.com, which holds the official retail price list for coins graded by the Professional Coin Grading Service.
Senior Staff Writer – Certified Gold Exchange