Daily Gold Eagle Update

July 8, 2009 – American Eagle coins continue losing value today as the gold spot price extends its decline for the third consecutive trading day despite a tumbling United States Dollar Index and contracting global stock indexes. Investing markets in general have seen stale movement this week as the tug-of-war continues between optimistic investors who feel that the economy will recover and pessimistic investors who feel that a recovery will not come anytime soon. The latest market movement with American Eagle coins is reflecting this tug-of-war, especially since prices have fluctuated between near record highs to monthly lows since the beginning of the year.

The gold spot price has taken a significant step backwards today, yet several market analysts are expecting a rebound in the short term as a result of very little investor confidence with the United States Dollar and its overall strength during this financial crisis. Currently, the metal is trading at around $909.10 per ounce, moving down 1.62% for the day, and also moving down 2.67% in the last year.

Historically, American Eagle coins and other popular gold products thrive when dollar-backed assets face trouble, and with the latest speculation arising saying that the United States Dollar could be replaced by a new reserve currency down the road, it’s no surprise that wise American investors are continuing to turn to gold as their ultimate hedge from the onslaught of problems that have been withering away at mainstream investment markets since the beginning of this recessionary cycle.

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Joshua Harris

Senior Staff Writer - Gold-Eagle.org