Daily Gold Coin Update
July 29, 2009 – Since the beginning of the year, gold coin projections have shown mixed sentiment from a variety of different market analysts, yet the majority of them were impressively bullish as many of these forecasts have revolved around a significantly weaker United States Dollar Index and higher safe haven demand. According to these bullish gold coin projections, the United States Dollar was going to continue floundering throughout the year, thus sparking safe haven demand into gold, which in turn could push the spot price of the metal above and beyond its all-time record high of $1033 per ounce. Several of these gold coin projections even forecasted spot prices climbing to $1500 per ounce by mid-summer as a result of skyrocketing safe haven demand. As you may already know, spot prices are nowhere near these levels by the end of July, and this is occurring as a result of the United States Government saying and doing anything they can in order to prevent a large-scale loss of confidence with the dollar, stocks, bonds and real estate markets. These confidence building tactics have worked, and that is the primary reason why we’re seeing more American investors turning to riskier markets as opposed to safe haven metals throughout the worst financial crisis we have seen since the Great Depression. Don’t let this fool you however, especially since the inflationary beast is slowly but surely growing in our economy as a result of trillions of overprinted dollars.
During the midday trading hours, gold coin prices are taking a minor step backwards as the gold spot price declines for the second consecutive trading session, down to $927.90 per ounce, falling $9.10 for the day, yet still increasing $10.20 in the last year. Keep a close eye on upcoming gold coin projections, because once the Federal Reserve increases interest rates, we may see an excellent economic environment for significantly higher spot prices.
Arthur McGuire
Senior Staff Writer - Gold-Coin.com
