Gold and Precious Metals Update
Tuesday, August 4, 2009 20:56You may have read some of my previous post showing precious metals are a very good and safe investment and that has clearly not changed, as gold hits two month high and gold futures rose for fourth session. The central banks are said to sell the lowest amount of gold in 15 years as the dollar is still on ten month low.
Financial news from London stated that the Central Bank Agreement states they will sell approximately 140 metric tons of gold this year, this is the lowest level of gold sales by the Central Bank since 1994. The news from Europe also stated a dramatic drop in the supply of scrap gold from the previous quarter by 40% from the 350 metric tons the previous quarter. The price of gold is high for a number of reasons ranging from the weak dollar, this has been a poor year for gold sales as they are at a 15 year low, combined with the greatly reduced supply of scrap gold. The purchases of gold are down tremendously from a year ago, 73% as a matter of fact to 39 metric tons for the first half the year of 2009.
Precious metals are a good investment in any economy as I have stated before, and an even better investment in unsure economic times like these. So be sure to balance your investment portfolio and buy into precious metals to help you reach your personal and economic goals.
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