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Daily Gold Bullion Update

June 2, 2009 – The gold bullion market is seeing more new investors today as safe haven demand for the metal is climbing based on speculation that the financial crisis may continue to worsen in the short-term, thus wise Americans are turning towards physical possession precious metals in order to protect themselves from problems that loom around the corner. In the past eight years, the gold bullion market has increased in popularity significantly as stocks, bonds and real estate crumbled amidst this contracting economy. Many investors who owned mainstream assets between 2001 and 2008 lost significant portions of their hard-earned wealth, while those who were invested in gold made more than 300% on their initial investment. Historically, the metal is seen as an alternative to dollar-backed assets, and it appears that investors are currently flocking to investments in bars and coins, especially since forecasts are saying that they could increase in value significantly if the dollar continues to contract and investors flock to the gold bullion market as they are currently doing.

At 1:00 PM Eastern Standard Time, the gold bullion spot price is teeter tottering near its resistance level of $980 per ounce, and it currently sits at $980.80 per ounce, increasing .64% for the trading day and also increasing 10.17% in the last 365 trading days. The latest short-term bullion projections are forecasting that the spot price may reach $1000 per ounce by next week if the United States Dollar loses further value versus other major currencies

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org

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