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Daily Gold Bullion Update

May 6, 2009 – The gold bullion spot price is continuing its increases today as the United States Dollar weakens further and global investors eagerly await economic data from various sources, especially from the European Central Bank which may reduce its key interest rate down to a record low 1%. This is creating more speculation that the international financial crisis is far from over. In other news, United States stocks have fallen for the first time in three trading sessions as negative economic sentiment arises about the upcoming government stress tests on 19 American banks. Bank of America seems to be in the spotlight because they may need about $34 billion in additional capital in order to stay afloat in the event that masses of American citizens begin withdrawing all of the hard-earned wealth in order to protect themselves from an economic collapse. All of this negativity with mainstream financial markets and financial institutions is benefiting the gold bullion spot price that may continue to increase throughout the month if worse data becomes released.

During the midday trading hours, the gold bullion spot price is continuing to show moderate gains, currently trading at around $908.60 per ounce, spiking 1.42% for the day and also spiking 4.59% in the last month. The short-term future of gold may be directly dependent on key economic triggers such as the dollar and the strength of major banks, thus it is important that we track this data when looking to maximize our investment potential with bullion.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer – Gold-Bullion.org

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