September 15, 2009

September 15, 2009 – Commodities like gold and silver experienced some mild turbulence in early trading on Tuesday, dropping below the $1000 line before quickly jumping above that marker. Gold and silver prices fluctuated downward during early morning trading because of the Obama administration’s recent slew of reports that claim that the recession is over and that the US banking system is now secure. Many investors took in all this information with a grain of salt, however, as the gold spot price did move above $1000 rather quickly after the brief dip. When gold was at near-$1010 levels last week, analysts at Certified Gold Exchange predicted that gold could temporarily move below $1000 again before making a strong last quarter push.

The most recent Barron’s Report makes it clear that it is not just a few Americans who are suffering financially right now. The economic media agency reported Tueday that American households are bringing home the same amount of income in 2009 as they were in 1973 when the numbers are adjusted for inflation. The most basic math tells us that if spending outpaces income, a deficit is sure to appear. Borrowing or asset liquidation must take place. American families with flat or shrinking incomes were encouraged to spend more and more over the last decade, and the economic numbers that show healthy growth actually account for the addition of trillions of Dollars of new consumer debt. Coupled with the banking reform that has been stonewalled in Washington, many investors have sufficient reason to shift away from paper assets and into debt-free safe haven assets like gold and silver.

The spot price of COMEX gold is $1002.70 per ounce at noon EST. Gold is up 0.2% for the day and silver has posted a gain of $0.32 so far, now selling for $16.86 on the New York Mercantile Exchange(NYMEX). Gold and silver bullion and rare coin prices can be tracked at

Shannon King

Senior Staff Writer –

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