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December 1st 2008 Weekly Market Recap

12/05/2008 02:47:00 PM, Posted by APMEX, No Comment

Weekly Market Recap

Even more bleak economic news has investors flocking to safer investments like precious metals, cash and Treasury’s. However, there seems to be more of a demand for cash and liquidation of hard assets in anticipation of the year’s end and the confirmation that the US was in a recession. This fresh round of risk/asset liquidation hit equities and commodities the hardest this week. With Black Friday and Cyber Monday behind us, APMEX is in full swing for the Holidays with our 12 Days of Christmas Sale.

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 $ 819.00. The high during the week was on Monday December 1st, at $820.00, while the low for the week occurred on Friday December 5th. Gold ended the week down at $758.70. Gold American Eagles were in high demand and limited supply.


Spot Silver prices opened last week at $10.31. Active trading pushed spot silver to a high of $10.32 on Monday, December 1st. The low for silver also occurred on Tuesday, December 2nd at $9.13. Silver ended the week down at $9.63. Silver American Eagles were hot this week and difficult to come by.


Spot Platinum prices opened last week at $881.90 but ended the week down at $814.50. Investors and collectors were eager to purchase Platinum American Eagles, though the scarce supply made it difficult to acquire these fine coins.


Spot Palladium prices opened this week at $190.80 but ended the week down at $168.00. 1 oz Palladium Bars were in great demand and hard to come by.


Although there is weakness in the general economy, there is strength, albeit selective, in the coin market. Premiums for gold coins and for gold bullion items remain high. There is a strong demand for the physical metal that has not been satisfied and that has left dealers struggling to find inventory and clients unhappy about their inability to get products. It was just a few months ago when pre-1933 Gold coins and all types of bullion items were available in huge quantities - not so now. In other coins, early Lincolns are still exceptionally strong as are better date Morgan Silver Dollars. But pre-2008 Proof and Mint sets, Mercury Dimes, Walking Liberty Halves, and Commemorative Halves are all quiet at current levels. As we get into 2009 we may look back at these price levels as having been a strong buying opportunity.

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