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Daily Gold Bullion Update

July 8, 2009 – Gold bullion bar pricing continues heading downwards today as mainstream investing markets in general are suffering as a result of the latest speculation saying that the United States Dollar may be replaced by a newer and more powerful reserve currency. It appears that gold bullion bar pricing is stuck between bargain-hunting buyers and frightened short-term profit-takers. In other news, the world’s biggest consumer of gold, India, has just decided to double import taxes on bars and coins, further pressuring the market because this could spark large-scale black-market selling in order to prevent any tax whatsoever. Within the past few years, the overall demand for the metal has increased exponentially as masses of investors from around the globe have flocked to safe haven assets with hopes of preserving themselves during this dangerous financial crisis, and it appears that investors will do nearly anything in order to get their hands on a few bars or coins that could continue increasing in value as economies worsen.

By 5 PM Eastern Standard Time, gold bullion bar pricing is contracting based on lower safe haven demand in the United States that is being driven by many investors fearing investing markets at the moment, thus the lower demand has pulled the gold spot price down to $909.10 per ounce, falling 1.62% for the day, and also falling 4.77% in the last month. Several bullish market forecasts are predicting a spot price rebound by the end of the week if the United States Dollar faces further pressure from speculation of a new global reserve currency.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org

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