Daily Gold Eagle Update

June 3, 2009 – The price of American Eagles is making a small tumble today after the United States Dollar shot up based on the latest comments from major Asian central banks saying that they will continue purchasing American treasuries. These remarks have created a significant boost in the Dollar Index, currently up 1.04% for the trading day after slumping for nearly 5 days in a row. The gold spot price has taken a moderate step backwards, yet several market analysts are expecting a rebound in the near future because they are expecting the dollar to continue its slide based on significant inflationary pressures that are inflicting long-term damage on the fiat currency. Short-term forecasts are saying that the price of American Eagles are poised to attack the $1000 per ounce level by the end of the week, yet we may only see this type of market movement if the dollar shows significant weakness between today and tomorrow. This being said, it’s very important that we keep a close eye on the Dollar Index in order to potentially determine whether or not the spot price is headed towards $1000 per ounce yet again.

By around 4 PM Eastern Standard Time, there is a small decline in the price of American Eagles, yet it is not as significant considering the large gains that have been experienced in the past few weeks, and currently the gold spot price has fallen to $961 per ounce, moving down 2.05% for the day and moving up 6.40% in the last month.

Daily Updates Archive

Joshua Harris

Senior Staff Writer - Gold-Eagle.org