June 9, 2009 – The United States Dollar is retreating along with several major stock indexes as safe haven precious metals are headed in the upward direction, thus several interesting gold projections are being released showing a bullish short-term future for gold. Since the beginning of 2009, gold projections have been equally bullish and bearish, as some market analysts believe that the metal is currently headed beyond its all-time record high while others believe that the metal could flounder amidst this “economic recovery.” Well, it appears that the economic recovery may take a little bit longer than expected, and with long-term inflationary pressures growing at a dangerous pace, the latest gold projections are forecasting that we may see $1250 per ounce before the end of the summer. Projections like these are considered speculative by many investors, yet not impossible, especially since the metal increased in value more than 800% during the last high inflationary cycle of the 1970’s. Nothing is impossible.
By around 12:20 PM Eastern Standard Time, the gold spot price is headed in the upward direction, currently sitting at around $957.50 per ounce, up $6.80 or .72% for the trading day, up $41.30 or 4.51% in the last 30 trading days and also up $64.90 or 7.27% in the last 365 trading days. Before the metal begins heading toward its all-time record high of $1033 per ounce, it must first surpass the current resistance level of $965 per ounce. Happy investing and don’t forget to keep a close eye on the market because we could see some interesting things taking place in the near future.
Senior Staff Writer – GoldPrice.net