Going Right Back Up Posted by James Randolph on January 08, 2009
Going Right Back Up
January 8, 2009 – After about four days of decline in gold spot prices, the falling dollar kicks into play and we’re seeing prices jump right back up again. Although investments like NGC certified coins did not lose any value during the last few days, many bullion products did and today they have regained about 2% of their value as the Dollar continues to slump versus other major currencies. Things only look good for gold and NGC certified coins due to the continued weakening economy and a series of escalating problems that could signify some major spikes here in the near future.
Gold is trading at around $856.90 per ounce, up $14.90 or 1.77% for the day and up $81.30 or 10.48% for the last 30 days. It’s been projected that the spot price should go to around $880-$900 before taking a few steps backward depending on whether or not any further sign of weakness in the United States economy has a significant impact on the United States Dollar. All eyes are on the Dollar right now and even slight moves could mean significant jumps in various commodities such as gold and NGC certified coins. Also, unemployment levels will spark some safe haven interest as investors prepare for one of the most difficult times since the Great Depression. Let’s hope that things only get better for precious metal investors, until tomorrow, fellow readers. Have a beautiful day!
Senior Staff Writer – Certified Gold Exchange