December 29 - Daily Gold Eagle Update

December 29, 2008 – Gold Eagles see some good fluctuation today and demand for them has increased as the demand for gold as a safe haven increases. Gold Eagles are set to be on their eighth straight annual increase as it hits its 11-week high and starts climbing to its projected $950-$1000 per ounce. Precious metals have been gaining value due to the tension that is mounting in the Middle East and since Middle East investors are the second biggest buyers of gold bars in the world, their investment actions directly affect everybody. As Israel continues to place tanks near the Gaza Strip and bombard Gaza universities, more and more investors join the ride to what some experts believe to be the next historical high price. Further tension could spike gold prices overnight and a full-blown war could push this even further.

Today, the gold spot price is around $879 per ounce, which is a $10.40 increase for the day, a $73 increase in the last month and the $53 increase in the last year. Gold Eagles in both bullion and certified rare coin varieties have also increased respectively and many investors are shifting other assets into these coins in a desperate means of preserving wealth during a tough economic time. Oil prices also continue to rise and they are up $3 to $40.60 per barrel, but projections are saying that it could be at $25 per barrel as demand for the black gold diminishes. I wish you all a great day and a great holiday season!

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Arthur McGuire

Senior Staff Writer - Certified Gold Exchange