New Year, New Hope Posted by James Randolph on January 05, 2009
New Year, New Hope
January 5, 2009 – The New Year is finally upon us and it’s time to sit back and see the steps that certified gold prices and other markets take during these difficult times. Gold is trading around $852.10 per ounce, down $22.80 or 2.61% for the trading day but up $97.80 or 12.97% in the last 30 trading days. The reason for the declines in the gold market and other commodities is due to the Dollar rising against other currencies, and as you may know, historically when the Dollar gains value, certified gold prices and other commodities lose value and vice versa. These current increases in the United States Dollar were unexpected, having no obvious trigger and it is said that the upward trend may end soon, causing gold to rebound.
An notable market forecast by Byron Wien, the 75-year-old chief market strategist at Pequot Capital Management Inc., says that the Standard and Poor’s 500 Index will rebound 33% in 2009 and gold will rise to $1200 per ounce while oil rebounds to $80 per barrel. This is very interesting and very possible as the economy continues to weaken with hope of getting better in the near future. President Obama said that the nation faces “extraordinary challenge” in getting back on track. Let’s hope that we all make it through this challenge, and until then, let’s keep our eyes on certified gold prices and see where it may take us. Have a great day and a happy New Year!
Senior Staff Writer – Certified Gold Exchange