Posted by Adam King on April 01, 2009
Awaiting The G20 Meeting…
April 1, 2009 – Investors are eagerly awaiting the results of tomorrow’s G20 meeting as there may be interesting news that could fluctuate precious metal prices. 401K transfers into gold are continuing to be a popular diversification method for retirement investors who want to protect themselves with an asset that historically thrives during uncertain economic times. One of the biggest fears at the moment is the devaluing of the United States Dollar, and even worse, another currency taking over the prominence of the dollar. Such movement could be devastating to our fiat currency but most likely positive for the gold spot price that usually increases in value when investors fear instability with other markets. World leaders have already begun to gather in London for tomorrow’s meeting that is an attempt to tackle the woes of this economic crisis. Market analysts are expecting the result of this meeting to affect financial markets by Friday and into early next week, so make sure you diversify into precious metals or begin 401K transfers into gold if you feel that spot prices will increase significantly.
The gold spot price is continuing to move up at a small pace that is being limited by movement in the United States Dollar and equity markets, and the metal currently trades at $920.30 per ounce, up $2.30 or .25% for the trading day but still down $5.10 or .55% in the last 30 trading days. Morgan Stanley just raised their 2009 forecast by around 11% to $1000 per ounce, and this combined with the recent projections by Merrill Lynch and Citigroup prove that most financial institutions are bullish about the future of the metal. This may be an ideal time to begin 401K transfers into a precious metal back IRA, and of course it doesn’t hurt to pick up some physical possession gold either. Happy investing.
Senior Staff Writer – Certified Gold Exchange
US Gold Market