Daily Gold Coin Update
April 30, 2009 – Bullion gold coins are erasing the gains they saw yesterday as the daily market spot price of the metal heads for its second consecutive monthly loss based on investor sentiment that an economic recovery may be on the way. The Labor Department has just recently reported that initial claims for unemployment fell 14,000 to 631,000 after forecasts had predicted 645,000. Although this economic data is better than expected, can we truly be happy with 631,000 Americans unemployed in one month? The United States Government is trying everything it can to prevent an economic collapse and significantly lower confidence in the dollar and its stock markets, yet several market analysts believe that this is like a blindfold on investor’s eyes in order to create short-term sentiment that things are getting better. The US gross domestic product has already fallen for three consecutive quarterly sessions, the last one being a significant 6.1% contraction. Are these the signs of an economic recovery? Fortunately, wise American investors could diversify into bullion gold coins and certified investment-grade rare coins in order to protect themselves in the event that anything worse happens to our economy and mainstream financial markets.
By around 11:30 AM Eastern Standard Time, the Certified Gold Exchange is reporting an overall lower demand for bullion gold coins, yet there are still bargain-hunting investors who are taking advantage of today’s lower spot price that currently sits at $886 per ounce, dropping 1.37% for the trading day yet increasing 1.07% in the last 365 trading days.
Arthur McGuire
Senior Staff Writer – Gold-Coin.com
