January 6 - Daily Gold Coin Update
January 6, 2009 – Gold coins continue seeing some downward fluctuation for the third day in a row as the United States dollar continues to strengthen and short-term investors sell off their precious metals with higher confidence in the greenback. Coins such as the Canadian Maple Leaf and American Eagle have seen some slight decrease in demand as investors either shift back into paper assets or pick up a more stable coin such as the investment grade, rare $20 Saint-Gaudens. Some investors feel that the United States will recover from the current recession sooner than expected, causing this great amount of fluctuation in the last three days.
Gold is trading at around $850.10 per ounce, an $8.20 decrease for the day, or .96% drop, but still up $95.80, or 12.70% in the last 30 days. Bullion gold coins like the Canadian Maple Leaf get directly affected whenever the gold spot price drops like it has today, but on the other hand certified rare coins have impressively maintained their value as if the spot price never even fell.
Our eyes remain on the United States Dollar because it leads the way for precious metal prices as we have seen time and time again. All in all, the future looks good for gold products including the Canadian Maple Leaf and $20 Saint-Gaudens coins. If projections are correct, we could see these coins around 10% to 50% higher in value by mid-2009. Have a beautiful day!
Arthur McGuire
Senior Staff Writer - Certified Gold Exchange
