Gold, silver and platinum prices fell substantially during the end of July and beginning of August.

In fact, the prices all reached their lowest points of 2008, with gold nearing the $800 per ounce mark, silver falling below $15 per ounce and platinum falling below $1,500 per ounce. Highs this year – reached in March – were about $1,011, $20.92 and $2,273, respectively.

The primary reasons given by professional precious metals analysts for the falling prices are the influence of substantially reduced oil prices, which have fallen from nearly $150 per barrel to less than $115 per barrel during this same time period.

As a result the U.S. dollar has strengthened against other currencies, further exacerbating the fall of precious metals' prices.

The recent military conflict between Russia and Georgia, which raised concerns about a disruption in oil supplies, has not served to reverse this downfall of both oil and metals prices. A slowdown in worldwide oil consumption and demand is cited as a stabilizing effect on oil prices.

Some people may view these lower prices for metals as terrific buying opportunities. Others think their prices rose too high too fast, in overreaction to the general economic turmoil the United States has experienced. The Federal Reserve has stated that it projects inflation to rise higher before it abates, which also suggests a buying opportunity for metals.

Many professional analysts expect the credit and housing markets to remain in difficult straits and possibly even worsen. Many bankers, regularly polled by the Fed, have stated that they've tightened their lending standards and may tighten them even further later this year or next.

Because it's usually the case that at any given time one can find analysts who believe precious metals prices will rise and others who believe they will fall, one should read both views and think for oneself.

If you decide to invest in precious metals at this time, consider American Eagle bullion coins, produced in silver, gold and platinum. The gold and platinum coins are available in tenth-ounce, quarter-ounce, half-ounce and one-ounce sizes. The American Eagle silver dollar is available only in the 1-ounce size. The different sizes allow buyers a range of options.