September 30, 2009 – Gold and silver posted gains for the third straight day on Wednesday as major US stock indexes took another nosedive. Gold registered a daily gain of 1.6% at 6pm EST, and silver was "in the green" to the tune of 3.2% at the same time. Gold and silver prices are available around the clock at www.GoldPrice.net. The value of gold and silver is growing as investors watch their traditional markets flounder, and the pretty precious metal pair is projected to impressively surpass historical heights over the next decade.
The bullish projections by the Wall Street Journal and many other financial media outlets aren’t due to any changes in gold and silver investments, but to the mainstream financial markets that have performed poorly in past years. The US real estate market is 13.3% less valuable today than it was a year ago, and realtors and homeowners throughout the nation fear another 15-20% loss in value before 2011. By 2011, over 50% of all mortgages could be underwater, due to more loan defaults and foreclosures. Home foreclosures could increase because of unemployment levels that are expected to reach 15% or more. A recent Yahoo Finance poll shows that worried CEOs are unwilling to hire new employees. 60% of business owners do not plan on adding new positions within their companies, and a whopping 40% of nationwide executives plan on dissolving jobs within the next six months. Stated simply; the mounting fear of another Great Depression is one of the main reasons that investors buy gold and silver.
Gold and silver have historically maintained a sound reputation as safe-haven assets. They are completely liquid, they can be stored privately, and they have shown a tendency to outperform other major markets during times of national financial stress. The current gold spot price is $1007.20, and silver is up $0.31 today at $16.69.
Senior Staff Writer – GoldSilver.org