PCGS Certified Coins
Posted by Adam King on July 29, 2009
All Eyes On The USD
July 29, 2009 – The majority of investment-grade PCGS certified coins are losing some value today as the gold spot price has declined to a one-week low based on a stronger United States Dollar that has limited safe haven demand in the short-term. Several market analysts are saying that the key driver for gold and PCGS certified coins is movement with the Dollar Index, and that comes as no surprise, especially since the fiat currency has been leading the way for investing markets for quite some time now. Typically, gold acts like a safe haven currency, but in the past few months we have been seeing the precious metal moving in line with riskier assets like stocks and crude oil. It’s very important that investors keep a close eye on the United States Dollar Index in the short-term because earlier in the year there were some interesting projections saying that it could flounder before the end of the summer, thus increasing the demand for physical possession gold and PCGS certified coins that have a tendency to thrive during unstable economic conditions.
By 11:30 AM Eastern Standard Time, both gold bullion products and PCGS certified coins are losing value as the gold spot price falls to $927.30 per ounce, decreasing $9.70 for the day, yet still increasing $9.60 in the last year. The latest short-term market projections are forecasting a rebound before the end of the week as a result of weaker American consumer confidence, yet if this confidence does not support safe haven demand, we may see spot prices falling into the $905-$920 per ounce range.
Senior Staff Writer – Certified Gold Exchange
US Gold Market