Daily Gold Coin Update
June 4, 2009 – The price of gold Eagles is jumping right back up today as the spot price of gold recovers from losses that were experienced yesterday while the United States Dollar extends its losses for the week and investors are continuing to flock into safe haven metals. It appears that the price of gold Eagles has recovered significantly from moderate losses, and this is occurring because of increasing speculation saying that inflation and a weaker dollar will boost gold’s investment appeal in the short-term. The United States Dollar has fallen 5% in the last month while the spot price of gold has increased 7.2% in the same period. Short-term market projections are saying that growing inflationary pressures and potential fiat currency devaluation may continue pushing spot prices in the upward direction. Earlier in the year, there were some projections saying that we could see $1250 per ounce by mid-summer, and as summer approaches it appears that we are getting closer and closer to that goal, yet the metal needs to breach the all-time record high of $1033 per ounce before hitting such speculative highs. This being said, it’s very important that you keep a close eye on the daily news as well as spot prices and the Dollar Index because they could show significant fluctuation in the next few months.
By around 2 PM Eastern Standard time, the price of gold Eagles and gold in general has shown moderate increases today as the spot price begins climbing towards the $1000 per ounce benchmark, and it is currently at $980 per ounce, moving up 1.81% for the trading day and also moving up 9.39% in the last 30 trading days.
Arthur McGuire
Senior Staff Writer - Gold-Coin.com
