Daily Gold Coin Update
January 22, 2009 – Certified gold coins see some small increases today after some small losses witnessed yesterday as the masses of investors flocked to the precious metal market once again as the ultimate safe haven investment during possibly one of the most difficult financial crisis we’ve ever seen. The United States Dollar continues to rise versus its major competition and it’s very interesting to note that gold and certified gold coins are following their own routes, instead of being opposite to the greenback, it looks like they are both increasing at the same time and it is mostly due to large amounts of safe haven demand that is projected to continue throughout the year. The economy continues to get worse and construction of new homes fell about 16% last month and unemployment benefits rose 62,000 to around 589,000 by January 17. In global news, China’s economy is growing at the slowest pace in seven years despite overtaking India as the undisputed single largest gold bullion consumer. Currently, the Chinese demand for bullion has increased significantly and it looks like their investors are finally wising up as to what the ideal investment during these difficult times will be.
During midday trading were seen gold around $856.10 per ounce, a .34% increase for the trading day and a 1.92% increase in the last 30 trading days. Projections for certified gold coins as well as the metal in general are saying that prices could reach $1000-$1500 by the end of the year and the more speculative projections are saying that $2000-$2500 is a high possibility especially with the inflation that could kick in after President Barack Obama’s $825 billion stimulus plan. Let’s hope that things get better, if not we have precious metals to back us up. Have a great day and invest well.
Arthur McGuire
Senior Staff Writer - Certified Gold Exchange
