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Daily Gold Bullion Update

October 12, 2009 – Many corporations are scheduled to release their third quarter earnings reports this week, and the anticipated disappointment of these figures was enough to elevate the gold bullion spot price to a new record high this morning. The new all-time high of $1060 was reached on a day that many Wall Street economists had expected precious metal values to drop. Gold bullion prices rose drastically last week, setting new records for three consecutive days. Some felt that a pullback due to profit taking was imminent, but the fear over the upcoming earnings report was enough to buoy the gold spot price.

Economists expected no major financial moves today, because Monday marks Columbus Day in the United States. Evidently, investors could not wait until tomorrow to fortify their portfolios with commodities, which historically move oppositely to US currency. The dollar index temporarily gained a small amount of ground on the euro and the yen last week but most of that leverage has since been lost. JP Morgan Chase, Goldman Sachs, Bank of America, Google, and IBM are among the major players that will release their third quarter figures this week, and the numbers are expected to be somewhat positive. Our government’s stimulus package has boosted US markets artificially, and through exploited consumer confidence, but this short-term recovery could eventually cost our nation more than it is worth.

Some investors who have concerns about America’s financial future are turning to commodities, including precious metals. Silver and gold bullion are available for physical delivery from many gold exchanges, meaning investors can store their wealth privately. The global liquidity of COMEX approved gold bullion means that consumers are free to buy or sell their precious metals whenever they choose. The self-empowerment and added insurance that come with owning precious metals could be vital until our nation emerges from this economic nightmare, which many economists fear could be a decade or more away. 

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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