Posted by Adam King on June 01, 2009
Can We Hit $1000 Per Ounce?
June 1, 2009 – Gold investing has been increasing in popularity significantly in the past few weeks as the United States Dollar and stock markets floundered amidst this worsening financial crisis, with inflation growing and the dollar entering dangerous ground. Currently, there are masses of precious metal investors that are eagerly awaiting the day when gold hits $1000 per ounce and higher. The current all-time record high is set at $1033 per ounce, and short-term market projections are saying that we may see $1050 per ounce in the near future if the United States Dollar continues to lose value at its current rate. Gold investing is seen as a safe haven diversification, which generally means that investors flock to the metal when they seek safety from liabilities with other assets, such as stocks, bonds and real estate. Today it appears that several stock indexes are increasing in value, yet if the United States Dollar continues its downward trend, we may see these indexes decline side-by-side with the fiat currency, as confidence with the economy in general corrodes.
By around 12:30 PM Eastern Standard Time, gold investing demand is fluctuating between losses and gains for the day, and this typically happens when a new month begins and investors are awaiting direction from other markets before making their investment decisions. The spot price of the metal currently sits at $978.50 per ounce, decreasing $1.10 or .11% for the day yet increasing $92.70 or 10.47% in the last 30 days.
Senior Staff Writer – Certified Gold Exchange
US Gold Market