Pre-1933 Swiss Francs Posted by James Randolph on September 10, 2009
September 10, 2009 – The gold market saw a strong push into the pre-1933 Swiss Francs in early trading Thursday, as well as other pre-1933 gold coins. Market insiders attribute the migration into gold coins such as the pre-1933 Swiss Francs to growing uneasiness of investors who have lost an average of 35% of their portfolios in the past four quarters.
The Fed reported Wednesday afternoon that employers have not been very willing to hire new employees recently, with only 2.4 million job openings available in the month of July. This has caused frustration amongst many of the 500,000 new people per week(or more) that are filing for unemployment benefits. The Federal Reserve also reported Wednesday in their quarterly assessment of the economy that commercial real estate markets around the nation are failing to stabilize financially. Many commerical and residential real estate investors are shedding their properties and shifting funds into more liquid assets like cash accounts and precious metals. The current trends in the cycle dictate that commodities rise as traditional investments struggle, so investors in precious metals are counting on gold to rise, as it did historically, if funds in mainstream investments become depleted. Experts at the Wall Street Journal have projected that gold could break the historical high of $1033 within the next 90 days.
The spot price for one ounce of COMEX gold hovered just below the $1000 mark at $994.20 during morning trading on Thursday, as investors in gold coins kept on the lookout for the euro and yen to deliver more blows to the value of US currency. Gold is up 5.07% in the past month, and this reflects as a 12.8% gain in many certified gold coins like the MS63 Saint Gaudens. Enjoy the live spot, bullion, and coin prices at www.goldprice.net.
Senior Staff Writer – Certified Gold Exchange