Posted by Adam King on September 02, 2009
Buy Gold…Or Wait?
September 2, 2009 – The United States Dollar is losing some strength today, thus several American investors are deciding to buy gold as they eagerly await further direction from the fiat currency that has shown some unstable market fluctuation in the past few months. The latest economic data is showing that a global economic recovery may take longer than expected, as global exports continue to flounder along with United States home prices that fell 6.1% in the second quarter of 2009. It’s no surprise that safe haven demand continues to increase as uncertainty with economies and investing markets has caused many investors to buy gold in order to shelter themselves from this financial hurricane. According to several market analysts, a weaker United States Dollar Index may support gold in the short-term as investors continue selling the fiat currency in exchange for safe haven precious metals that hold true value as opposed to overprinted dollars that hold no true value whatsoever.
By 12 PM Eastern Standard Time, it appears that investors are continuing to buy gold in order to protect themselves from the uncertainly that lies ahead. The current spot price of the metal is sitting at $975.40 per ounce, increasing $18.20 for the trading day and also increasing $170.50 in the last 365 trading days. Short-term projections are expecting the spot price to continue fluctuating between $960 per ounce and $980 per ounce until significant safe haven demand sparks the metal’s value.
Senior Staff Writer – Certified Gold Exchange
US Gold Market