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Daily Gold Bullion Update

May 21, 2009 – Gold bullion coin prices are once again expanding their gains for the trading session as the United States Government paints a darker economic picture for the future, thus wise American investors are flocking to safe haven precious metals in order to protect themselves from problems that may lie ahead. The Labor Department has just announced that jobless claims are at record highs, nearing 6.7 million, and this is being caused by a floundering economy and failing industries such as the auto market that has nearly withered away since the beginning of this recessionary cycle. In other news, the United States Dollar continues heading in the downward direction, which is causing many market analysts to project higher gold bullion coin prices in the near future because historically the dollar and the metal trade in inverse directions. Unfortunately, this may just be the beginning of a dangerous financial crisis, especially since speculation is arising saying that the dollar could collapse down the road as a direct result of our massive overprinting of fiat currency.

By around 1 PM Eastern Standard Time, it seems like many more American investors are entering the market, and this is increasing gold bullion coin prices significantly higher than market analysts projected last week. The metal is currently trading at around $948.20 per ounce, jumping up 1.17% for the trading day and also jumping up 1.76% in the last 365 trading days. The latest short-term forecasts are expecting spot prices to experience further resistance at around $967 per ounce, yet significant momentum past this level may bring the metal much closer to its all-time record high, possibly even surpassing it as safe haven demand continues to climb.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer – Gold-Bullion.org

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