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September 17, 2009

September 17, 2009 – The gold spot price pulled back 0.2% on Thursday afternoon after pushing up to $1025 levels earlier in the week. Bullion items made of gold and silver saw significant gains over the last month, with the PCGS rare coin price guide showing some investment grade coins at 4% upswings today. Retirement account holders unhappy with recent returns are leading a charge in gold that has pushed the yellow metal up since 2001.

The US Department of Labor reports that a large number of Americans are preparing to retire within the next 10 years, but employees around the nation are looking at rising unemployment rates and shrinking retirement accounts with worrisome eyes. Economists report that the average IRA has lost 45% in value in the last six quarters, and many investors have liquidated all of their stocks and bonds in favor of interest-bearing cash accounts like CDs. However, rising inflation and low return rates are frustrating investors’ attempts to grow their wealth before they reach their golden years. Many IRA investors are now adding gold and silver to their retirement accounts. A law passed in 1997 allows Equity Institutional and Goldstar Trust Company to store precious metals for those with silver and gold backed IRAs. Economists say that many investors shift 25-30% of their assets into precious metals in order to balance out losses in other areas of their portfolios.

Gold and silver products can be purchased from a reputable gold dealer that then ships the items to the investor or a depository. More information on retirement accounts is available at www.sterlingtrustcompany.com, and the live silver and gold spot price is available to the public at www.goldprice.net. Gold, which is expected by experts at Merrill Lynch and the Wall Street Journal to break historical highs before the end of 2009, is selling on the NYMEX for $1016.30 per ounce.

Shannon King

Senior Staff Writer – GoldSilver.org

 

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