June 18, 2009 – Gold and silver spot prices are headed upwards today as signs of a worsening financial crisis are creating fear amongst investors who seek a method of preserving their hard-earned wealth during the worst financial crisis the United States has seen since the Great Depression. All eyes are currently on the United States Dollar after several global finance ministers mentioned that the world needed new reserve currencies, thus threatening the authority of the dollar. Several market analysts believe that this negative sentiment with the fiat currency could create a domino effect with dollar-backed assets in the near future unless significant confidence is restored quickly. Historically, gold and silver spot prices tend to increase when dollar-backed assets are vulnerable to losses, and we’re seen this exact same type of market movement today as many investors begin flocking back into precious metals with hopes of protecting themselves from further economic problems. The latest short-term market projections have been a bit mixed, with some market analysts forecasting that the metals are currently headed towards their all-time record highs while others forecasting that they could retreat even further. This being said, it is highly recommended that you track the market in order to make your own projections about what you feel could happen with precious metals.
By around 3:30 PM Eastern Standard Time, gold and silver spot prices are making minor gains for the trading day, with the gold spot price sitting at around $936.80 per ounce, up two dollars for the day and the silver spot price sitting at around $14.33 per ounce, up $.15 for the day.
Senior Staff Writer – GoldSilver.org