Gold Investing Sees Uptick to Begin Week Posted by Brian Ford on July 08, 2013
Certified gold coin prices rose respectably on Monday as traders returned from the Fourth of July holiday to find prices for many coins were poised to climb after last Friday’s unexpected sell-off. Economic data and rumors that the Ben Bernanke-led Federal Reserve would begin to taper quantitative easing measures forced gold down by about $40 per ounce on Friday, but the bears were short-lived as bargain-buying, short-covering and safe-haven buying took control to start the week.
By 3pm CST the certified gold spot price had risen $12.90 to $1237.50 per ounce. In line with the increase in the gold spot price many PCGS and NGC-certified gold coins saw substantial gains, including the ever-popular St. Gaudens $20 piece and its predecessor, the Liberty head Double Eagle. One-ounce certified coins gained an average of $15 each today, while half-ounce, common-date coins such as Indian head and Lady Liberty Eagles enjoyed an average $10 increase.
The technical advantage shifted to the bulls last week and many investors were found to be covering their short positions this morning as a result. Safe-haven buying was also widespread as many gold exchanges reported certified coins vastly outselling bullion, a rare occurrence in the last few weeks. The latest gold price forecast from Deutsche Bank analysts revealed that the bank expects prices to remain steady or rise in the near future, with $1350 eyed as the target gold price for the third quarter of this year.
The certified Gold Exchange Daily Market Update page is updated often, so be sure to visit frequently for the latest information on movement in the certified gold coin market, as well as commentary and special offers available exclusively to clients of the Certified Gold Exchange, America’s trusted source for gold.