Weekly Market Recap 1/09/09

Precious metals retreated a bit on a stronger dollar, but we expect they will resume their rally in 2009 as they are still a monetary vehicle during economic turmoil. The additional printing of money to finance stimulus packages will lead to higher and higher fiscal imbalances in the market. Most experts believe that a scenario like this opens the door for precious metals to have huge gains in 2009.

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 www.APMEX.com.

Gold:
Spot Gold prices opened this week at $880.70. The high during the week was on Monday at $ 885.50, while the low for the week occurred on Wednesday at $836.00. Gold ended the week down slightly at $856.80. This week, 2009 Gold Maple Leafs, 2009 Gold American Eagles, kilo Gold Bars and 1 oz Gold Krugerrands we top sellers at APMEX.

Silver:
Spot Silver prices opened at $11.58 this week. Active trading pushed spot silver to a high of $11.77 on Monday, after experiencing the week's low point on the same day at $10.57. Silver rebounded to close this week very slightly down at $11.38. Investors concentrated their interest on 1 oz Silver Buffalo Rounds, 2009 Silver Maple Leafs, 100 oz Johnson Matthey Fine Silver Bars and 2009 Silver American Eagles.

Platinum:
Spot Platinum prices opened this week at $941.10, and ended the week up at $1,006.00. Investors were eager to purchase 1 oz Pamp Suisse Platinum Bars, one of the few platinum products available on the market. The US Mint still is reluctant to release any news on platinum American Eagle production for 2009.

Palladium:
Spot Palladium prices opened this week at $195.00, and ended the week up a modest few dollars at $197.00. Palladium products continue to be in great demand and nearly impossible to locate.

Numismatics:
The Florida United Numismatists (F.U.N.) show in Florida is underway this week and while information is still arriving about the market activity, the results from the auctions held before the FUN show started were very strong. For example, 3 silver Roosevelt Dimes, all graded by PCGS as MS68FT, sold for over $8,000.00 each! That is a record price for a silver Roosevelt Dime – and it happened 3 times in one auction alone!

The early reports from the show are that early Lincoln Cents are continuing their strong climb upwards, in anticipation of many new collectors joining the ranks of Lincoln Cent collectors. It is believed that the 4 new reverse designs should spur new interest in the venerable old Lincoln Cent. But several other dealers at the show have already reported that the premiums on Pre-1933 US Gold coins have shrunk to more reasonable levels, they are also telling us that Classic Commemorative coins prices are very quiet and demand is soft.

Does that mean that now is the perfect time to purchase these items at attractive levels? Only time will tell!