Daily Gold Coin Update
May 8, 2009 – American Eagle gold coins are continuing their gains for the fifth consecutive trading session, headed for a weekly gain based on speculation that inflation will continue to rise which in turn could cause heavy safe haven demand, thus increasing gold prices significantly down the road. Many American investors are purchasing American Eagle coins at the moment as the ultimate store of value from a failing United States Dollar and tumbling mainstream financial markets. The spot price has increased 3.2% this week as the United States Dollar has fallen to its third consecutive weekly drop versus the euro. Short-term market movement could see resistance at the $915 per ounce benchmark, yet significant momentum could surpass this level, possibly into the $950 per ounce area. Since the metal has maintained a correlation with the United States Dollar, it’s important that we track the Dollar Index along with spot prices in order to potentially maximize our potential with gold coins.
By around 1 PM Eastern Standard Time, American Eagle coins are showing small increases in value side-by-side with the daily market spot price that is currently trading at around $911.60 per ounce, up .18% for the day and also up 3.24% in the last year. The latest market projections for the metal look impressively bullish, with many holding strong on the outlook of $1200 per ounce by the end of the year. A spot price so high would basically mean much lower confidence in the United States economy that may face serious pressure down the road.
Arthur McGuire
Senior Staff Writer – Gold-Coin.com
