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May 8, 2009 – The latest gold and silver prices are extending their gains today despite a stronger United States dollar and slightly higher equity markets. Inflationary expectations are causing many wise Americans to protect their long-term spending power with safe haven precious metals like gold and silver that have thrived during similar economic times. The United States economy is currently in a severe slump that is much worse than many had expected, and just yesterday the Federal Reserve determined that 10 American banks would need to raise more than $75 billion in order to sustain in the event that the financial crisis turns into a second Great Depression. A recent comment from Reserve Chairman Ben S. Bernanke said that the government bank stress tests will reassure investors about the soundness of this financial system, yet it appears like he wasn’t looking at the stress test results when he said that. The future may hold many surprises for investors of all shapes and sizes, fortunately, the latest gold and silver prices may continue to benefit from all of the negativity that is circulating about the economy.

By around 2:40 PM Eastern Standard Time, the latest gold and silver prices are strengthening across the board, with the current gold spot price sitting at $916 per ounce, up six dollars for the day while the current silver spot price is sitting at $13.97 per ounce, up $.18 for the day. Short-term market projections are expecting precious metals to extend their gains next week as investors begin to take more solid positions in safe haven metals over risk-taking stocks.

Shannon King

Senior Staff Writer – GoldSilver.org

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