Indian Gold Coins Posted by James Randolph on March 04, 2009
Gold Preparing To Spike?
March 4, 2009 – Today gold spot prices have fallen for the eight-day in a row, which is the longest losing streak seen since June 2006. Fortunately, several investment-grade rare coins such as the Indian gold coins are maintaining value rather well despite the metal losing more than $80 since it peaked at $1007 per ounce on February 20. The movement in the market is mostly based on the fact that investors are regaining confidence in the United States Dollar and stocks due to speculation that global governments will effectively fix their economies, thus slightly decreasing the demand for precious metals and Indian gold coins. Investors are still profiting from the recent rally to the metal, which is why short-term projections are saying that $900 per ounce will be the next benchmark before starting to head back up again. Several of these projections have mentioned that the next rally has a high possibility of attracting enough investors to surpass the record high…yet only time will tell.
The gold spot price is currently at $908.50 per ounce, down $7.30 or .80% for the trading day yet still up $3.70 or .41% in the last 30 trading days. Citigroup just recently announced a forecast saying that they are expecting the spot price to reach $2,000 per ounce by the summer, which could be very beneficial to bullion and certified rare metals such as the Indian gold coins. Despite the recent downward fluctuation in the market, many investors and market analysts are still remaining bullish, as the economy is not revived just yet.
Senior Staff Writer – Certified Gold Exchange