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Gold Silver

February 3, 2009 – Gold and silver prices decline for the second day in a row due to a variety of external factors and the fact that the surge in short-term investors could have been overdone. We’ve already seen gold and silver reach their six-month and four-month highs respectively last week so we’re seeing the usual round of selling, but what many people don’t know is that the overall demand for precious metals as a safe haven investment has actually increased in the past two weeks and it can be a contributing factor to prices hanging onto the areas that they are trading at right now for weeks to come. Investors as well as American citizens are anxious to see what President Barack Obama’s $819 billion stimulus plan will do for the economy, and we’re seeing both optimistic and pessimistic views. I read an interesting report a few days ago saying that no matter what happens with the United States economy in the next several years, gold and silver should continue to increase due to the massive amount of debt and rising inflation.

Today we’re seeing gold prices fall to around $896.50 per ounce, an $8.30 decrease for the day but still at a $21.66 increase in the last 30 trading days. As we all should know, the projections for both precious metals have looked bullish and many are saying that the recent spikes in value are just the beginning of upward fluctuation that is on the way as the economy continues to worsen. This being said, I wish you the best of luck when investing and have an excellent day.

Arthur McGuire

Senior Staff Writer – GoldSilver.org

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