Posted by Adam King on May 29, 2009
Buy Gold, Not Dollars
May 29, 2009 – The United States Dollar has officially fallen to its five month low versus other major currencies, thus masses of investors are deciding to buy gold as their ultimate hedge from both inflation and deflation that we may see in the near future as a direct after-effect of trillions of overprinted dollars. Investors looking to buy gold at the moment should take a close look at the latest short-term spot price projections that are quite interesting. Most of the short-term projections are saying that the United States Dollar will continue to tumble in the near future, which could mean that the spot price may reach $1006 per ounce and higher by next week as investors continue flocking to the metal in order to profit and protect their hard-earned wealth. Longer-term projections are saying that we could see $1250 per ounce by mid-summer. This being said, it’s important that you buy gold when you feel that the time is right and always remember that modern-day bullion products like the American Eagles are commonly used for short-term profit-taking while investment-grade certified rare coins like the $20 Saint Gaudens are commonly used for long-term wealth preservation.
During the midday trading hours, the physical possession demand for gold is rising considerably, and several market analysts are even saying that the metal is skyrocketing amidst a worsening financial crisis. The spot price is currently sitting at around $977.70 per ounce, up $18.40 or 1.92% for the day and also up $100.40 or 11.45% in the last year
Senior Staff Writer – Certified Gold Exchange
US Gold Market