April 22, 2009 – United States gold futures are rising across the board today based on increased physical possession demand for precious metal products like the Credit Suisse and Engelhard bullion bars. This physical demand is increasing for a variety of reasons, mostly on risk aversion and safe haven needs, but we are also seeing increasing Indian demand as the annual Akshaya Tritya Festival gets closer and closer. Gold is currently being supported by weakening United States stocks that are falling as a direct result of major financial institutions and banks posting massive quarterly losses and dangerously high toxic debt. There is also some increasing speculation that more bank bailout packages will be required down the road, and this basically means that more dollars need to be printed, devaluing the ones we already have due to inflation. Several market analysts and investors believe that the future looks grim for the global economy, which may be beneficial for Engelhard bullion bars or any other safe haven precious metals.
During the midday trading hours, it appears that Engelhard bullion bars are seeing a small spike in value along with the daily market spot price of gold that sits at around $889.80 per ounce, an increase of $6.50 for the trading day yet still a decrease of $48.20 in the last 30 trading days. The metal is expected to continue increasing in value throughout the week, and most projections have been set at around $910 per ounce by Friday afternoon as long as safe haven demand continues to pick up.
