$1 Gold Piece
Posted by Adam King on September 09, 2009
September 9, 2009 – The recent surge in gold values has catapulted the price of the $1 gold piece, especially in the PCGS graded $1 gold piece coins. The gold spot price is at $993 per ounce on the NYMEX as of 6:30pm EST on Wednesday, and analysts project that gold could cross the $1000 mark again soon, especially now that the World Economic Forum has reported that the United States banking system ranks 108 out of 133 nations tested. This news swayed many investors to increase their gold holdings today, which pushed up the price on all three Types of the $1 gold piece.
Many investors firmly believe that the US banking crisis will continue, and they purchase PCGS graded gold coins to balance out losing or underperforming portfolios. As institutions and individual investors watch rare coins increase in value, they count on the fact that the recession will continue, moving the gold trend forward. It came as a shock to many US investors to learn that the United States dropped to the 108th spot in the banking assessment, one position worse than Tanzania.
In other financial news, the Federal Reserve released the beige book today at 2pm EST, which revealed a region-by-region assessment of the United States economy. Investors are poised to purchase gold in large volume because the beige book reveals what many feared it would: a failing commercial real estate market, rising unemployment, and an economy that is taking one step forward, then three steps back. The spot price of COMEX gold and rare gold coins will almost assuredly be affected by these developments.
Senior Staff Writer – Certified Gold Exchange
US Gold Market