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Daily Gold Silver Update

January 27, 2009 – Gold and silver pricing are currently running in adverse directions with gold dropping overnight due to some short-term selling and silver continuing its increases as higher investment and industrial demand drives the way to its higher prices. A wide variety of economic problems are causing a lot of confusion in the minds of global investors and many people just don’t feel safe with their traditional mainstream investments, which is why they are turning to precious metals as a safe haven asset during this financial crisis. Even though we saw some losses today, investment demand is increasing and with the economy only getting worse by the day it is projected that gold and silver pricing will continue to shoot up as the weeks and months go by. Yesterday we saw many major corporations lay off over 74,000 employees, which marks it as one of the worst days in unemployment history. If we really look at the past we can see that the last time that things were this bad must have been during the early days of the Great Depression.

Today’s gold spot price sits at around $900.50 per ounce, down $1.80 for the trading day but still up $31.80 in the last 30 trading days while silver moves up seven cents to around $12.07 per ounce. Gold and silver pricing has been projected to increase significantly and last week many major market analysts said that gold could reach $1500 per ounce and silver could reach $25 per ounce by the end of the year. Invest well and have a great day.

Arthur McGuire

Senior Staff Writer – GoldSilver.org

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