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Daily Gold Silver Update

December 23, 2008 – Gold and silver falls a bit today on the COMEX due to lower investor demand during the slower than usual holiday season. Although gold and silver are falling, they’re remaining much more stable than commodities such as crude oil, gasoline, corn, soybeans, wheat and copper which have tumbled to record lows during 2008. Gold is trading at around $839.10 per ounce, down $8.50, which is a 1% drop for the day but still a 4% increase in the last month. Silver on the other hand falls fifty-six cents today from $10.70 to $10.24 per ounce. Sure commodities are going down right now, but as investors continue to turn to precious metals, we could see major increases in values by early to mid-2009 depending on the global economic scenario.

As far as the world is concerned, the United Kingdom’s economy is stated to be at its weakest since 1990 and ports around the globe have looked like ghost towns for the last six months. As the Dollar continued to tumble so do other currencies such as the Japanese yen and the Russian Ruble, which has been devalued to its lowest amount in more than three years. Where is this economy headed? Will we ever get out of $10 trillion in debt? These questions will be answered very soon and it all depends on the actions that global leaders take to save their economies and their currencies. Until then, have a beautiful day and an excellent holiday season!

Arthur McGuire

Senior Staff Writer – Certified Gold Exchange

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