Overnight Surges Posted by James Randolph on January 16, 2009
January 16, 2009 – Certified rare coins like the $20 Saint Gaudens Coin increase in value today as the United States Dollar loses value to most major currencies and the spot price of gold rebounds a rather significant amount in the early hours of trading. Investors woke up this morning and saw the news of most major banks losing billions of dollars overnight with Citi beings the biggest loser, at a loss of $8.3 billion. Things don’t seem to look good for the global economy at the moment which could mean more and more investors may flock to precious metals, especially the safer non-confiscatable ones like the $20 Saint Gaudens Coin.
During midday trading, gold continues to climb and is currently at $833 per ounce, a $16.30 or 2% increase for the trading day but still at a $24.50 or 2.86% decrease in the last 30 trading days. Today’s boost in price was mostly caused by the very-important Indian jewellery market that took advantage of yesterday’s very low spot prices and they moved in just in time for their holidays.
As the United States Dollar continues to fall versus major currencies, we could see investors flock to the $20 Saint Gaudens Coin as an excellent alternative investment and safe haven that it is famous for. There have been many predictions that the market will surge in the coming months so lets hang on tight and lets hope things get better for gold. Have an excellent weekend and invest well.
Senior Staff Writer – Certified Gold Exchange