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Daily Gold Bullion Update

July 20, 2009 – The gold bullion market is bustling today as safe haven demand in the United States is exceeding expectations because many wise American investors are now turning to physical possession bars and coins in the event that dollar-backed assets continue facing weakness down the road. Currently, the gold bullion spot price is sitting at $949.50 per ounce, climbing up $11.80 for the day. The latest market forecasts are predicting short-term resistance at $963 per ounce, yet significant safe haven demand could push the metal up to $993 per ounce if the United States Dollar Index extends its declines.

In the past eight years, the gold bullion market has shined because little by little, more and more investors began shifting away from dollar-backed assets in exchange for physical possession gold that has been commonly referred to as one of the best safe haven diversifications one could own during times of economic instability. This being said, it’s no surprise that safe haven demand has climbed exponentially since 2001, especially since everything from stocks and bonds to real estate have suffered amidst a contracting economy. Investors looking to maximize their profit and preservation potential in the gold bullion market are highly advised to keep a very close eye on the United States Dollar Index because it has been the most powerful driver of gold since the beginning of the year, and according to several market analysts, their inverse correlation will persist down the road as the tug-of-war between risk takers and safe haven investors continues.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org

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