January 13 - Daily Gold Coin Update
January 13, 2009 – Canadian Maple Leaf gold coins along with the gold bullion spot price loses some ground today as the United States Dollar strengthens while oil drops and the Euro plummets, softening physical demand for precious metals and Canadian Maple Leaf gold coins. This will certainly be a busy week and global economic challenges will continue to occur amidst our already present sea of challenges. As the United States Dollar continues to strengthen a bit, crude oil struggles between $38-$39 per barrel after losing 6% in the last week with further losses projected due to weakening demand. To make matters worse for oil, major automakers are preparing masses of electric and hybrid cars that will not be fully available until 2012. The best part about that scenario is that we could use those vehicles right now, but they’re not about to lose out on billions of dollars in both conventional oil and automobile sales while they can.
Today, gold is trading in the area of $823.10 per ounce, which is a $30.50 decrease for the day and a $1.10 increase in the last 30 days. Bullion products such as the Canadian Maple Leaf gold coins are forecasted to increase in value as demand could see some increases in the near future. It’s important to track the value of the United States Dollar, as it should be leading the way for precious metal prices for the next several years. Keep your eyes to the sky, invest well and have a beautiful day!
Arthur McGuire
Senior Staff Writer - Certified Gold Exchange
