GoldBars Posted by James Randolph on March 23, 2009
March 23, 2009 – The value of gold bars and coins are dropping for the second straight session due to the latest news from the United States Treasury which shows a plan that could aid the private sector in the short-term, yet wise investors have seen such actions before and they understand that there are risks involved. As far as the short-term outlook is concerned, stocks are doing much better while gold bars and coins could remain a bit unstable until further negative economic data becomes released. Risk aversion seems to be a keyword for investors at the moment, and many are simply seeking a store of wealth investment that can hedge their hard-earned wealth from the upcoming problems in the economy. Inflation is a massive fear to many at the moment, and the worst part about it is the fact that not enough Americans are prepared in the event that the financial crisis gets even worse. One of the latest market surveys shows that 21/28 investors and market analysis from Tokyo to Chicago believe that purchasing gold bars this week could be a good idea due to the weakening United States Dollar.
Today, precious metal spot prices are showing some small losses due to slight profit taking, and it currently sits at $951.20 per ounce, down $1.40 or .15% for the trading day and also down $42 or 4.22% in the last 30 trading days. Short-term projections are saying that the market could experience some turbulence during this week, yet it does have the potential of reaching $990 per ounce due to safe haven demand.
Senior Staff Writer – Certified Gold Exchange