Daily Gold Eagle Update

September 9, 2009 - In early trading today the American gold Eagle one ounce coins were trading five dollars higher at $1,054 per. The spark in the American gold Eagle coinage is a result of the gold spot price maintaining $1000.00 levels on NYMEX for the first time since February. September has historically been a powerful month for gold, and traders are keeping their finger on the button today as the Federal Reserve released their quarterly assessment of the nation's economy at 2pm EST, with the news coming out that the real estate market is in worse condition than previously thought.

The US financial news is glum today with the dollar hitting a yearly low against the euro and a two month low against the Chinese yen. Investors are searching for a safe haven asset in the American Gold Eagle one ounce coins, and those who are shifting funds into gold coinage are hoping that the yellow metal will act as a life preserver for their wealth. Historically, investors purchase commodities during high inflationary times in order to balance underperforming portfolios. The US Mint has reported a significant increase in the number of requests for the American Gold Eagle one ounce coins, but the suspension of coin production has led many to believe that the US government would prefer to hold the gold themselves.

Investors who currently hold precious metals point to the 1970s, when inflation pulled down the value of the US Dollar and gold peaked at $850, making many gold holders over 1000% in that cycle. The current trends point to a similar scenario today, and experts agree that if the Dollar does continue to drop against other currencies, commodities like gold, now at $1000.40 per ounce, could rise dramatically in value before the holiday break.

Daily Updates Archive

Joshua Harris

Senior Staff Writer - Gold-Eagle.org