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Daily Gold Bullion Update

October 8, 2009 – Gold bullion prices are expected to drop slightly over the next few days, after an unexpectedly strong rally elevated gold prices to new record-highs every day this week since Tuesday. The current gold bullion spot price is $1046.80, after an all-time high of $1059 was reached earlier this morning. Some analysts believe that a significant pullback could be seen if US retailers continue to see positive signs of consumer confidence. In other words, if consumers open their pocketbooks and start to cough up lots of cash as the holidays approach, economic recovery could begin, strengthening our dollar and lowering precious metal prices.

In September, our nation’s retailers saw the first monthly increase in sales since a 1.3% jump in July of 2008, and these merchants hope that the trend continues. Back-to-school sales were boosted in September by a late Labor Day, which prevented many schools from opening in August. The International Council of Shopping Centers registered a 0.1% gain for September 2009 for US retailers, which highlights the fact that economists are searching for any signs that our economy is on the road to recovery. However, the increase in sales does not take some major retailers like Wal-Mart into account, who stopped posting monthly figures after 13 straight months of sales declines were reported in April. JC Penny, Macy’s, and Target recorded smaller-than-expected declines in their sales number for September, so optimistic investors believe that corporate profits could hopefully be the rule as opposed to the exception. Investors who have doubts about our economy’s current status have bought gold bullion as a hedge against the depleted buying power of our dollar, and many investors who believe that our nation will require years to escape this mess have bought certified gold and silver coins. Up-to-date information on multiple types of gold investments is available by contacting a reputable gold exchange. 

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org

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