April 27, 2009 – The latest gold prices are being affected directly by several important external factors, but spot prices seem to be falling mostly based on short-term profit-taking after the metal peaked at $910 per ounce. The United States Dollar is also increasing in value, and this is continuing the inverse correlation between precious metals and fiat currencies. In other news, China has officially revealed that they had secretly increased their gold reserves by double since 2003, up to 1054 tonnes. Unfortunately, this news did not create a significant impact on the latest gold prices because they had done so over a six-year period. Spot prices are expected to rebound by the middle of the week, driven on speculation that China will continue to expand their reserves, which may cause a global trend as governments may look to back up their fiat currencies with a historically preservative safe haven precious metal.
By around 1:45 PM Eastern Standard Time, the latest gold prices have fallen a bit, yet several investors are beginning to take advantage of this bargain hunting opportunity that has the metal trading at $907.10 per ounce, down $5.80 or .64% for the trading day, down $15.90 or 1.72% in the last 30 trading days yet still up $21.20 or 2.39% in the last 365 trading days. Short-term market projections are expecting global safe haven demand to push the spot price up to $960 per ounce throughout May. Invest well, and don’t forget to diversify your hard-earned wealth if you feel that you could benefit by owning a few bars or coins.
Senior Staff Writer – GoldPrice.net