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Weekly Market Recap - 11/21/08

11/21/2008 03:10:00 PM, Posted by APMEX, No Comment

America is only one week away from the official start of the holiday season. Investors and collectors alike looked to precious metals yet again after U.S. stocks plunged this week, sparking worries about a deepening economic slump. However, there has still been a lot of action in the stock market. Throughout the week we’ve seen the price of precious metals gain ground as gloomy economic news and falling crude-oil prices stepped up investors' interest in safe-haven buying.

Here is a brief synopsis of the highs and lows in the market and an overview of our very popular bullion products and numismatics here at

Spot Gold prices opened this week at $740.00. The high during the week was at close on Friday at $805.50, while the lowest point occurred on Monday, November 17th at $729.60. Gold American Eagles, Gold Maple Leafs and Gold Bars were all in great demand and short supply.

Spot Silver prices opened last week at $9.42. Active trading pushed spot silver to a high of $9.85 on Wednesday, November 19th. The low for silver occurred on Thursday, November 20th at $8.80. Overall, silver ended the week up, at $9.77. Silver American Eagles were in great demand and our stock of 2008 Silver American Eagles is dwindling fast.

Late in the week, the Perth Mint announced a suspension on orders for gold and silver until January 2009. Many investors have chosen to take advantage of these popular items:

Spot Platinum prices opened last week at $841.10. Overall, platinum ended the week down at $836.50. Products such as 2008 ¼ Platinum American Eagles, 1 oz. Pamp Suisse platinum bars and 1 gram Credit Suisse platinum bars were highly desired. Availability is limited, but we currently have eagles and bars in stock and ready to ship.

Spot Palladium prices opened this week at $215.00. Overall, palladium ended the week down at $192.00. Palladium Pamp Suisse 1 and 10 oz bars were in great demand and short supply. Availability is limited, but we currently do have bars in stock and ready to ship.

The week before Thanksgiving is generally a busy one in the numismatic world as the number of coin shows between now and year end is very limited. Many dealers were awaiting the results of the much-heralded Baltimore coin show to determine the health of the coin market. Although demand for gold coins has slowed a bit, the premiums being paid are still at record high levels.

Rare date silver Morgan dollars and silver Peace dollars are leading the price movements on silver dollars, while common dates have retrenched a bit. But vintage (pre-1934) Lincoln cents are red hot with lots of buyers willing to pay bid and higher for choice, original early coins. The upcoming design changes early next year should inspire renewed interest in our venerable Lincoln cents.

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