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Weekly Market Recap 3/06/2009

3/05/2009 02:01:00 PM, Posted by APMEX, One Comment

Precious metals fluctuated this week as oil prices had a good session. Confidence among commodity investors remains fragile with the steady weakness of the equity markets. After reaching an 11 month high on February 20th of this year, gold dropped a bit this week but successfully stayed above the coveted $900 per ounce level.

Sharp falls in global markets have also contributed to the easing of the bullish trend on bullion prices that we have seen lately. Silver, Platinum and Palladium followed suit with Gold this week and have backed off their recent higher prices. Heavy losses in the equity markets worldwide have only deepened concerns about the economy and made precious metals more attractive to savvy investors and collectors. These factors are not significantly slowing the current gold rush though.

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 $940.30. The high during the week was on Monday March 2nd at $959.50, while the low for the week occurred on Wednesday March 4th at $900.40. Overall, Gold ended the week at $940.20. This week, 2009 1 oz Gold American Eagles, 1/10 oz. Gold Australian Lunars, 1/20 oz. Gold Australian Lunars, 2009 Gold South African Krugerrands, and 1 oz. Pamp Suisse Gold Bars saw active trading from concerned investors.

Silver:

Spot Silver prices opened last week at $13.10. The low point for silver was on Monday, March 2nd at $12.20 and the high of $13.44 occurred at market close on Friday. 2009 Silver American Eagles, 1 oz. Silver Buffalo Rounds, and 2009 Silver Canadian Maples continue to be hot ticket items.

Platinum:

Spot Platinum prices opened last week at $1078.80, reached a high of $1100.00 on Monday, March 2nd and ended the week slightly down at $1076.10 on Friday March 6th. APMEX has 1 oz. Platinum Pamp Suisse Bars, 1 oz. Scotiabank Platinum bars, and 2009 1 oz. Platinum Canadian Maple Leafs. These items continue to be in short supply and high in demand - if you are interested in platinum products, get these while they last!

Palladium:

Spot Palladium prices opened this week at $197.95. Platinum's low occured on Wednesday, March 4th, but recovered ending the week at it highest level at $208.90. Any Palladium products continue to be in huge demand and are extremelty difficult to source. This week the 1 oz. Pamp Suisse Palladium Bars, and 100 oz. Fine Palladium Bars were popular once again with investors.

Numismatics:

The Dow Jones Industrial Average broke through the 7,000 point support level and continued to drop further this week, closing Friday at 6,626.94. This weakness in the financial markets has added to the demand for gold numismatic and bullion coins. Although we have said this repeatedly, there is significant demand for Pre-1933 US Gold Coins, as well as World Gold Coins. This seems to help keep the spot price of gold above the $900.00 per ounce mark. At coin shows, over the Internet, on the dealers trading networks, everyone is apparently chasing the yellow metal, in all forms!

Prices for many esoteric areas of numismatics – obsolete currency, colonial currency, tokens, and medals – are stable to strong. At recent coin shows and numismatic auctions strong prices are being paid for high-quality or scarce items. Whether it is a condition rarity on a more generic item or simply an item that is truly scarce, the collector demand is there!

One Comment

Anonymous @ March 10, 2009 at 9:57 PM

Graphs always put things into perspective:

http://zfacts.com/p/318.html