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Daily Gold Bullion Market Update

July 2, 2009 – Gold bullion investments are losing a little bit of value today, yet this is not stopping short-term profit-taking investors from continuing their purchasing, especially since short-term market projections are saying that the metal could climb up to $1000 per ounce within the next two months if the United States Dollar begins to face further weakness down the road. Today it appears that the United States Dollar is strengthening despite skyrocketing nationwide unemployment and frightening economic data proving that the financial crisis is only getting worse despite government comments saying that a recovery is near. Let’s face it, excessive overprinting of dollars and massive quantitative easing measures could cause serious problems for the fiat currency in the near future, and it’s fortunate that gold bullion investments have proven their ability to thrive during troubling economic times, particularly between 1978 and 1980 during a similar recessionary cycle when the gold spot price increased more than 800% as a result of weakness with dollar-backed assets that forced many wise American investors to turn to gold as their ultimate safe haven.

By around 3 PM Eastern Standard Time, the majority of gold bullion investments are tumbling today as the spot price of the metal erases yesterday’s gains based on a stronger short-term outlook for the United States Dollar. Still, the metal is holding above its resistance level of $930 per ounce, currently trading at around $930.30 per ounce, down 1.06% for the day, and also down 4.55% in the last 30 days. 

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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