Daily Gold Coin Update
April 28, 2009 – Popular bullion products like the American Eagle and Canadian Maple Leaf are decreasing in value today as an ongoing result of several economic factors that are hammering away at the global economy. The Wall Street Journal has reported that both Bank of America and Citigroup may need to raise more capital in order to prevent further uncertainty with investors and lenders. The early results of the latest government stress tests are showing that several of the biggest American banks may not be ready to cope with severe economic distress. The overall instability with banks and financial institutions has many investors wondering about the future of financial markets, and this is why several new short-term and long-term projections are arising about the future of safe haven gold coins like the Canadian Maple Leaf. In the past, the metal has thrived during both inflationary and deflationary periods, and this time around it may be no different, with investors flocking to anything that can preserve their long-term spending power.
By around 11:30 AM Eastern Standard Time, bullion coins like the Canadian Maple Leaf and American Eagle are showing moderate contractions in value while certified investment-grade rare coins like the $20 Saint-Gaudens are continuing to hold onto their historically preservative value. The gold spot price is currently at around $890.30 per ounce, down 1.75% for the trading day and also down 3.55% in the last 30 trading days. Don’t let the latest market fluctuation fool you into believing that a global economic recovery has begun, because we might just be in the beginning of a financial crisis that is much worse than it appears.
Arthur McGuire
Senior Staff Writer – Gold-Coin.com
