Weekly Market Recap 3/20/2009

Precious metals fluctuated this week but had significant gains in the Wednesday aftermarket. These gains were in response to Wednesday's news that the Federal Reserve would buy more than $1 Trillion in government and mortgage debt to help end the recession and credit crisis that has been looming in the market for some time. Federal purchasing like this will probably only extend the already popular idea of buying metals as an alternative to currency and as a safe haven.

Gold jumped the most this week since September of 2008 and Silver followed suit with large gains in the aftermarket. Virtually every commodity across the board climbed this week as the US dollar continued on its down slide. Savvy investors will try to get their hands on physical metals to avoid the possible high inflation that may be on the horizon due to the seemingly endless supply of newly printed currency by the government.

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


Gold:
Spot Gold prices opened this week at $928.30. The high during the week was on Thursday March 19 at $965.50, while the low for the week occurred on Wednesday March 18 at $882.70. Gold ended the week up $25.70 at $954.00. This week, 2009 1 oz Gold American Eagles, 2009 Gold Canadian Maple Leafs, 2009 1/20 oz. Gold Maple Leafs, and 2009 1 oz. Gold Krugerrands were all very popular items at APMEX.com.

Silver:
Spot Silver prices opened last week at $13.20. Active trading pushed spot silver to a high of $13.86, at the markets close on Friday March 20, while the low for silver occurred on Wednesday March 18, at $11.89. Silver ended the week up .66 cents at $13.86. 2009 Silver American Eagles, 1 oz. Silver Buffalo Rounds, 2009 Silver Canadian Maples, and 1 oz. Morgan Design Silver Bars were hot items on APMEX.com.

Platinum:
Spot Platinum prices opened last week at $1063.50, and ended the week up at $1125.10. Platinum had a gain of $61.60 throughout the week. Investors were eager to purchase Platinum products this week. The most popular of these items were 1 oz. Platinum Pamp Suisse Bars, 1 oz. Scotiabank Platinum bars, and 2009 1 oz. Platinum Canadian Maple Leafs. These items are live and ready to ship at APMEX.com

Palladium:
Spot Palladium prices opened this week at $199.00, and ended the week up $11.00 at $210.00. Palladium products continue to be in great demand. This week the 1 oz. Pamp Suisse Palladium Bars were in high demand and APMEX has them in stock and ready for purchase.

Numismatics:
The American Numismatic Association’s Mid-Winter “National Money Show” in Portland, Oregon, was predictably successful for most dealers attending this show. This show is an annual event, although the venue moves from place to place each year. Type coins were very strong at this show with Bust Coinage – Bust Halves and Bust Dimes especially - leading the way.

Several of APMEX’s numismatists will be attending the Whitman Coin & Collectibles Convention in Baltimore, Maryland on March 26th through 28th. APMEX will be there to purchase coins, currency and precious metals from the public and dealers in attendance there. If you live anywhere in the Baltimore metro area please stop by Table 1705 and meet us! Next week we will write an update from the show so that you have news from the front lines of numismatics!

The price advance in Gold bullion is impacting Pre-1933 US Gold Coins. There are price advances not only on $20 Liberties and $20 Saint-Gaudens, but also in Type 1 and Type 3 $1.00 Gold Coins. Furthermore, $2.50 Gold Coins (Liberties and Indians), $5.00 Gold Coins (Liberties and Indians), and $10.00 Gold Coins (Liberties and Indians) also benefited from the rise in bullion prices. This breadth of interest in US gold coins is very healthy for the coin market.