Certified Rare Coin Prices Posted by James Randolph on April 24, 2009
China Demand Spikes Spot Prices
April 24, 2009 – Gold along with certified rare coin prices are continuing to increase today, and the metal looks like it may close the week off on its first weekly gain since March. One of the main reasons why gold and certified rare coin prices are increasing yet again today is mostly because of China’s latest reports that they have increased reserves 76% since 2003. China has added 454 tons to their gold reserves, mostly through domestic purchases, yet they are still seeking to diversify even more, especially since commodities are expected to perform much better than the United States Dollar. Safe haven demand along with physical jewelry demand in India and Dubai are also driving up spot prices around the world and this is creating a small rally to the market because many investors want to profit quickly from the spike that may be experienced in the upcoming weeks.
By around 10:30 AM Eastern Standard Time, it appears that certified rare coin prices are still shooting up side-by-side with the daily market spot price of gold that is currently at around $911.10 per ounce, up $7.30 or .81% for the trading day and also up $24.50 or 2.76% in the last 365 trading days. JP Morgan has just raised their 2009 spot price forecast by 21% to $850 per ounce. Although their projection is a bit lower than most others, it’s important to know that it is simply a forecasted average, which means that the metal could still reach its all-time high by the end of the year.
Senior Staff Writer – Certified Gold Exchange