Daily News

May 22, 2009 - The gold price is currently climbing ferociously, shrugging off any factors that may bring prices down, and this is being caused by a significant spike in safe haven demand because many investors are currently running far away from stocks, bonds and real estate in exchange for one of history’s most preservative assets. Investors from around the United States are currently flocking to the ultimate safe haven asset to own when the United States Dollar is floundering. The latest remarks from the Federal Reserve saying that a high inflationary period may be good for our economy has caused significantly lower confidence in the United States Dollar, bringing the fiat currency down to a four-month low versus the Euro while the gold price climbs to a two-month high in New York and London. The latest market projections are saying that any further negativity with the dollar may spark a large-scale rally into safe haven metals, thus we could see the spot price of gold climbing significantly in the next few weeks, possibly approaching or surpassing the all-time record high of $1033 per ounce depending on the overall state of the economy.

By around 1:30 PM Eastern Standard Time, the gold price appears like it is headed for its third consecutive weekly gain, and this week alone the metal has increased 3.2% while the United States Dollar Index has fallen 3.6%. The current spot price of the metal sits at an impressive $958.10 per ounce, increasing .44% for the trading day and also increasing 4.10% in the last 365 trading days.

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Arthur McGuire

Senior Staff Writer – Gold-Investment.info