December 23 - Daily Gold Coin Update
December 23, 2008 – Gold coin prices fall a tad bit today as investors prepare to take some much-needed time off after a hectic 2008. Bullion gold coins have lost a few dollars while certified rare coins have remained solid and look to continue to remain solid as long as spot prices fluctuate in the small numbers. Gold’s spot price is around $842.90 per ounce, down about .5% for the day but still up 5.15% in the last 30 days and 3.84% in the last year.
The economy continues to get worse and the United States’ biggest fear right now is deflation. The Dollar’s spending power has fallen 9.3% versus the Euro, falling for the second day in a row. Because gold is inverse to the United States dollar, we should be seeing good increases in early 2009 due to the less demand for Dollars. United States real estate and homes are showing sales at their lowest levels in 17 years; while United Kingdoms’ economy is at the weakest it’s been since 1990. The speculation in the market as well as strong oversight looks to be what is sending commodity prices into levels that are not related to actual supply and demand. This pretty much means that actual prices of precious metals can be much different to what we’re seeing in today’s spot prices. With the economy only going down it looks like this holiday season is the calm before the storm. This being said, don’t forget to pick up your bullion or certified gold coins before they are not available once again. Have a great day and a happy holiday season!
Arthur McGuire
Senior Staff Writer - Certified Gold Exchange
