Daily Gold Coin Update
March 23, 2009 – American investors looking for IRA safety are turning towards the wealth preservation potential of gold such as the American Eagle proof coins along with other bullion bars and coins that have the potential to thrive during this financial crisis. Currently, the metal is seeing some pressure due to a strengthening equity market and a slightly stronger United States Dollar, which historically decreases the appetite for precious metals. Although spot prices are dropping at the moment, many investors, especially retirement owners fear the wealth erosion that could occur from hyperinflation and other negative economic effects. Short-term projections are saying that a rebound is imminent by the end of the week, and that we could see $980 per ounce if worse economic data becomes released. All eyes are on the United States Dollar and its movement, as it could be the major driver for the metal during the week. This being said, IRA safety could be found by taking advantage of the market today with a company such as the Certified Gold Exchange.
During the midday trading hours, gold coins seem to be decreasing in value due to the spot price that currently sits at $951.20 per ounce, tumbling $1.40 for the day yet still increasing $32 for the year. One of the latest and most interesting projections come from UBS AG analyst John Reade who is predicting that the spot price could reach $1050 per ounce by the end of the month and $1100 per ounce in three months. Keep your eyes on the market and don’t forget that IRA safety should be priority.
Arthur McGuire
Senior Staff Writer – Gold-Coin.com
