Gold Metal Prices 2010
The Gold Metal Prices 2010 will still fluctuate slightly but will remain steady, according to announcements by the U.S. Federal Reserve Board and China’s Central Bank. Both of their monetary policies have no changes scheduled. This news had a soothing effect on the gold market which left the bidding price of spot gold at $1,137.60 at its close on 1/19/10. This is positive and shows the strength of gold even with gains by the dollar against most global currencies.
Good news was reported by the eastern Victoria Mine this week on the latest assay results from their gold mine on the Maxwell Reef. In December, the assay results showed that a new sample was assayed at 137.4 g/t so more were taken for confirmation. With 12 more samples taken, the results proved that the mine is reaching a richer deposit of gold. The twelve new results were between 386.2 g/t to 0.50 g/t which overall had an average of 0.75g/t. This mine has been in production since the 1940s with its limits not reached yet.
But just like in December, there were those who are warning that the gold market is on the verge of collapsing. There is more of the same in January. A report from Credit Suisse issued on January 12, 2010 states that investments in gold ETFs will not be at the same level in 2010 as they were in 2009 and a bear market will occur. They also link the price of gold to the trading of the US dollar which is true, but not the only factor. The Credit Suisse also claims by their calculations that there is an oversupply of gold to the tune of 420 tonnes on the market.
This very well could be true, but gold prices are continuing to rise. If too many people keep predicting the fall of gold, perhaps it could happen. But at the moment, with the world’s economies still stagnated, the Gold Metal Prices 2010 should continue to climb. Gold is still the safe haven for investors in times like this.
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