Daily Gold Coin Update
March 2, 2009 – Safe haven precious metals like the British Sovereign are increasing in value today after seeing sharp losses last week as a result of profit taking. Gold in general is being referred to as one of the only investments that has the potential to overdo itself in the current economic environment. This is because the massive amounts of investors looking for a safe haven asset could cause a flock to the precious metal markets, and thus prices could increase much higher than projected. The ongoing flight to safety is expected to increase values by more than 25% this year, which is impressive considering that the majority of stocks are projected to lose between 15% and 30% by the end of 2009. Billionaire investor Warren Buffett has said that the American economy is in “shambles” and that may just be the best way to describe the problems that the financial crisis has had on the United States. It’s fortunate that investors can invest in precious metals such as the British Sovereign in order to possibly protect themselves from any more mayhem in the market.
Today gold is the only precious metal that is increasing in value, and the spot price is currently at $943.70 per ounce, up $4.10 for the day and also up $16.60 for the month. Some of the latest news and projections are saying that if a massive amount of gloom occurs in the financial markets, that the spot price could peak to around $1500 per ounce by the end of the year, which means nearly doubling the value of such products like the British Sovereign and American Eagle coins. Happy investing.
Arthur McGuire
Senior Staff Writer – Gold-Coin.com
