October 6, 2009 Posted by James Randolph on October 06, 2009
October 5, 2009 – Certified gold coin prices jumped substantially from opening levels on Tuesday morning, as some frantic investors shed their dollar-based assets in favor of something more tangible. The gold spot price immediately posted a $22 gain before noon EST, causing some certified gold coins to increase by as much as 5.8%. The end of dollar-based international trades is drawing close, according to a report by The Independent, a UK newspaper. The report alleged that some nations, including China, Russia, and Japan, plan to replace the dollar with a “handbasket” of currencies, which includes gold. Investors and international leaders have been considering gold as an investment, because it is a true currency that has historically maintained its value when US currency has faltered. Demand for the dollar immediately weakened after the article was released, and some economists projected that gold would see a significant pullback after these nations denied the newspaper report. The gold price, however, did not provoke a profit-taking riot, and at 11:30am EST the gold price was holding strong at $1042.80.
Our government has provided us with a fresh, steamy batch of their economic data during the last two weeks, some of which indicates that our economy may actually be improving. US stock indexes have climbed steadily in the last quarter, but market analysts fear that today’s setback for the dollar could have a negative long-term effect on traditional US markets. Safe-haven demand is high for American investors, and some of these financial gurus are investing in gold and silver. GoldSilver.org has a wide variety of useful information for those who would like to learn more about precious metal investing.
Senior Staff Writer – Certified Gold Exchange