Daily Gold Coin Update
April 27, 2009 – Gold coin retirement accounts are losing a bit of their value today despite a four day gaining streak after the speculation that China may continue to purchase more physical possession metals in order to continue strengthening their reserves. Bloomberg.com has reported that China has increased their holdings about 76% since 2003 and they are expected to diversify further as the global economic crisis worsens. This is increasing speculation that governments worldwide should begin following in their footsteps by protecting their fiat currency with safe haven metals that historically act inversely to both inflation and deflation. Short-term projections are expecting further upward momentum with spot prices as a direct result of increasing investment and store of wealth demand, thus many wise American investors are beginning gold coin retirement accounts in order to safeguard their nest egg with an asset that may outperform most other financial markets throughout 2009.
By around 11:20 AM Eastern Standard Time, the Certified Gold Exchange is reporting steady demand for gold coin retirement accounts as the spot price of the metal falls to $910.40 per ounce, moving down $2.60 for the day yet still moving up $24.40 in the last year. Market analysts are expecting May to be a rather interesting month for the metal, especially since the spot price may reach the mid-$960 per ounce benchmark. This being said, it’s important that we keep a close eye on the market along with the overall strength of stocks, bonds and the United States Dollar that are showing an interesting correlation with precious metals.
Arthur McGuire
Senior Staff Writer – Gold-Coin.com
