Daily Gold Coin Update
May 28, 2009 – The increasing instability with the United States economy has caused masses of investors to flock into safe haven precious metals, especially gold coins that are being considered one of the wisest diversification options available during this financial crisis. In the past few years, gold coin projections have been more and more bullish because even bearish market analysts are beginning to feel that the metal could become one of the most profitable and preservative assets to own as the economy withers away. Earlier in the year, there were several gold coin projections that were released by major financial institutions and precious metal exchanges, and the majority of them projected that the spot price would trade in between $800 and $980 per ounce this year, while the more speculative projections said that the spot price would trade between $950 and $1250 per ounce. The latest economic data showing growing inflation and significantly higher safe haven demand is creating speculation that the metal is currently skyrocketing towards its all-time record high of $1033 per ounce and possibly even further. This being said, short-term investors are purchasing bullion coins such as the American Eagles while long-term investors are purchasing certified rare coins such as the $20 Saint Gaudens that have both proven impressive market movement during similar economic times.
By around 2:20 PM Eastern Standard Time, it appears like the spot price is continuing to climb towards levels that were forecasted in last week’s short-term gold coin projections, and the metal is currently trading in the area of $961 per ounce, jumping up $12.70 for the day and also jumping up $67.70 in the last month.
Arthur McGuire
Senior Staff Writer – Gold-Coin.com
