RSS : Articles / Comments

Weekly Market Recap: December 29, 2008 Thru January 2, 2009

1/02/2009 02:27:00 PM, Posted by APMEX, No Comment

2008 was definitely the year of economic uncertainty! Over the course of this year we have seen the home mortgage crisis, bank failures and bailouts, and an auto industry on the cusp of implosion. All these developments along with a market recession have spawned the biggest financial meltdown in 80 years. With 2009 just underway, there is still major economic turmoil in the marketplace. The United States seeks change to stimulate not only our economy but the worldwide market as well.

However, precious metals have been the safe haven for savvy investors in 2008 and will continue to be so in 2009. This year precious metals reached record highs across the board before the effects of the slumping economy hit. Prices continue to fluctuate but on the bright side, gold is one of the only commodities to post a gain year-on-year as the rest of the markets deepen into recession.

APMEX would like to thank all of our customers throughout 2008 and look forward to serving them 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

Spot Gold prices opened this week at $876.20. The high during the week was on Monday December 29th at $890.60, while the low for the week occurred on Tuesday December 30th at $864.70. Gold ended the week up at $878.20. This week, 2009 1 oz Gold American Eagles, 2009 1 oz Gold Maples and 1 oz and fractional gold bars were all in high demand.

Spot Silver prices opened last week at $11.06. Active trading pushed spot silver to a high of $11.69 on Friday January 2, 2009. The low for silver also occurred on Tuesday December 30th at $10.78. Silver ended the week up at $11.69. 1 oz Silver Buffalo Rounds, 2009 Silver Maple Leafs , 1 and 10 oz APMEX Silver Bars and 2009 Silver American Eagles were fast movers on the APMEX website..

Spot Platinum prices opened last week at $900.00, but ended the week up at $958.50 Investors were eager to purchase Platinum, though the scarce supply made it difficult to acquire this metal.

Spot Palladium prices opened this week at $178.00, but ended the week up at $199.15. Palladium products continue to be in great demand and very hard to come by.

The New Year has begun and dealers from across the country are getting on airplanes and heading to sunny and warm Florida for the annual F. U. N. Show (Florida United Numismatists). Given that the FUN show is the first show of the New Year, it is a bellwether show that portends either a positive or a negative trend in the numismatic marketplace.

Many dealers are looking to this year’s show to continue the strong market that began in mid-2008. Gold prices remained strong throughout the end of 2008 and silver dollars were also strong. Will that trend continue? Will commemorative coins awaken from their slumber to start moving upward? Will proof and mint sets see renewed interest? Will already hot Lincoln cents get even hotter with the advent of the 4 new reverse designs? Only time will tell, but next week’s report from the FUN show will tell us a great deal about what we can look forward to in 2009!

No Comment