And The Battle Begins Posted by James Randolph on January 21, 2009
And The Battle Begins
January 21, 2009 – As our new president Barack Obama steps into office for his first day of leadership, certified Indian coins and gold prices fall a bit due to a strengthening United States Dollar. Many market analysts are saying that the future of commodity markets will be dependent on the United States stock market but others are saying that it depends mostly on the Dollar. Right now we’re seeing mixed results because the Dow sank to under 8000 while the United States Dollar rose versus other currencies. Crude oil also rose to above $41 per barrel earlier today and many are saying that this will drive the way to more costly gold and certified Indian coins.
Gold is currently trading in the area of $850 per ounce, down $4.90 or .57% for the trading day but still up $3.30 or .39% in the last 30 trading days. Today I was reading some really interesting predictions and forecasts by Morgan Stanley that say that the gold inside certified Indian coins will be increasing to a higher average than expected due to higher demand and the possibility of a failing dollar in the near future. They said that the metal should average $900 per ounce, a 20% increase over there previous prediction. Other top market analysts said that $900 per ounce is nothing compared to what the price will really be and they estimated around $1200-$1500 average by the end of the year. Hopefully this is a powerful year for precious metals, have a great day and happy investing.
Senior Staff Writer – Certified Gold Exchange