January 21, 2009 – Engelhard bullion bars lost a bit of value today due to a strengthening United States Dollar but mostly because investors are waiting to see what will happen with our new president Barack Obama in office. The United States Dollar is really leading the way for precious metal prices and it seems that just when things looked bad for the United States, other countries are starting to worsen, such as the British pound being at a 7 1/2 year low today versus the Dollar and a record low versus the yen. Oil prices rose from $33 to $41 per barrel based on signs that the OPEC cartel is going to cut its oil output. All eyes are on the greenback and how it will directly affect commodities and precious metals such as Engelhard bullion bars.
Today gold is trading in the area of $850.90 per ounce, 8.57% decrease for the day and a .39% increase for the month. Projections continue to look powerful for the year and many companies are even re-stating their 2009 projections to much higher prices. For example, Morgan Stanley said that gold should average around $750 per ounce but they changed that to $900 per ounce and several other companies that said the average should be $900 per ounce have changed it to everywhere from $1000-$1500 per ounce by the end of the year. It looks like this will be a great year for Engelhard bullion bars so invest well and have a great day.
