Daily Rare Coin Update
April 1, 2009 – St Gaudens prices in the common date investment grade varieties are showing impressively solid preservation, and several have barely decreased in value since the gold spot price peaked at $1007 per ounce on February 20. The latest projections for the metal are looking quite bullish, and Morgan Stanley just recently raised their 2009 forecast by 11% to $1000 per ounce while Investec raised their forecast to $900 per ounce. It’s no surprise that masses of investors are flocking to gold at the moment, especially since it may be one of the only diversification methods that could outperform most other investments this year. Silver on the other hand has also done impressively well, and it’s currently at a 16% increase for the year, not bad considering most stock markets are at declines. St Gaudens prices could see further increases on Friday and into early next week as the results of tomorrow’s G20 meeting become released. There is a lot of speculation about this meeting, and several market analysts and investors believe that there will be talk about a new currency that could take over the United States Dollar as the world’s reserve currency.
Spot prices are increasing a small bit today, which is definitely beneficial for St Gaudens prices and other investment grade rare coins, and currently the gold spot price is at $924.20 per ounce, up to $6.20 for the day while the silver spot price falls just five cents to around $12.92 per ounce. This could be a good time to take advantage of the market especially since prices are projected to spike up even higher in the near future. Happy investing.
Shawn Penny
Senior Staff Writer – Rare-Coin.org
