Posted by Adam King on September 04, 2009
Closer And Closer To $1000 Per Ounce…
September 4, 2009 – The gold spot price is rallying once again, inching its way up closer to $1000 per ounce as a “gold rush” has begun in the United States based on significantly higher safe haven demand. The latest market fluctuation should be no surprise for investors, especially since the majority of paperbacked investing markets have witnessed instability for more than a year now. According to several market analysts, there appears to be a small “gold rush” occurring at the moment because wise American investors are flocking to purchase physical possession bars and coins in order to potentially protect their hard-earned wealth from the instabilities that could occur within the next few months. As you may already know, inflation is one of the major problems in our economy at the moment, and if the United States Federal Reserve increases interest rates too soon, inflationary pressures may grow considerably down the road, thus threatening dollar-backed assets and potentially benefiting gold.
By 1 PM Eastern Standard Time, the small “gold rush” has caused the spot price of the metal to continue its climb, and it currently sits at $993.70 per ounce, increasing $2.00 for the trading day and also increasing $188.80 in the last 365 trading days. The latest short-term market projections are forecasting that the spot price could surpass $1000 per ounce within the next few sessions if investors continue flocking away from paperbacked assets in exchange for physical possession bars and coins.
Senior Staff Writer – Certified Gold Exchange
US Gold Market