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Extremely Volatile Week In Metals Markets

10/10/2008 03:19:00 PM, Posted by APMEX, One Comment

This week has been an extremely volatile week to say the least. We have seen the stock markets plunge around the world as more and more people make their exodus towards the physical precious metals market.

Here is a brief synopsis of the highs and lows, and the very popular bullion products and numismatics here at

Spot Gold prices opened last week at $839.70. The high during the week was $936.70 on Friday, while the lowest point occurred on Friday at $829.00. Overall, gold ended the week up at $854.80 for a gain of $15.10. Krugerrands, Maple Leafs, Gold Buffalos, and Gold American Eagles were all in great demand and in short supply. We do have a limited amount of gold bars for sale on a delayed delivery basis. Live we currently only have Kilo (32.15 ounces) gold bars available.

Spot Silver prices opened last week at $11.29. Active trading pushed spot silver to a high of $12.36 on Friday. The low for silver occurred on Friday at $9.40. Overall, silver ended the week down at $10.31 for a loss of $.98. While supplies of American Silver Eagles vanished quickly, $1,000.00 face value bags of 90% silver coins were virtually non-existent. We do have a good supply of .999+ fine silver grain in our tamper evident bags as well as a limited amount of 100 ounce silver bars on a delayed delivery.

Spot Platinum prices opened last week at $974. Overall, platinum ended the week up at $999.00 for a gain of $25.00. Platinum American Eagles were very scarce last week, but the US Mint is still minting them, until their position of blanks is exhausted. As we are able to secure additional items we will list them. As of now, we are basically sold out of every platinum item we stock.

Spot Palladium prices opened last week at $208. Overall, palladium ended the week down at $197.00 for a loss of $11.00. Palladium Bars were very scarce and very expensive. The premiums now being asked are significant yet they are selling quickly.

Rare coins outperformed the bullion markets last week as demand for rare coins outstripped the available supply. There is an insatiable thirst for early type coinage of all denominations and supplies are scarce.

Pre-1933 US gold coins fluctuated during the week trailing behind spot gold prices. Morgan and Peace Silver Dollars led the charge of plus signs as reported by the Coin Dealer Newsletter. World numismatic gold coins were strong, especially British Sovereigns, Mexican Gold Pesos, and Russian Roubles. World gold bullion coins that were in great demand include the Austrian Philharmonics, Chinese Pandas, and the very popular Australian Gold Lunar coins. If you do a little digging in our world coin pages, you will be sure to find both gold and silver coins with minimal premiums.

One Comment

celluloid505 @ October 11, 2008 at 6:41 AM

I've noticed this for a long time, but what determines the official price of metals? There seems to be a large disconnect as to what is actually out there for sale and what the 'market' prices state.

Why don't dealers from around the world get together and create their own market of what is physically available to people and set their own prices?

Beyond this, thank you APMEX. I have bought and sold from your for several years, and you have always been fair, have great customer service, and are very professional.