Weekly Market Recap 4/17/2009

Precious metals prices were on a downtrend this week. Stock performances and U.S. dollar gains against the Euro helped to keep spot prices low, but didn’t encourage active trading throughout the week.

On Thursday, the US Labor Department reported first time claims for state unemployment fell to lows unseen since January. The banking sector reported better than expected earnings, which further contributed, to the sluggish metals market this week. Investors are closely watching developments in the financial sector, as many believe the governments’ bailout plans will continue the march towards long-term inflation.

On Friday, April 17, APMEX surprised patient investors with a 99¢ Spring Silver Sale, with 23 different silver products priced at just 99¢ over spot – many in any quantity. 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 $882.90. The high during the week was on Wednesday April 15 at $902.10, while the low for the week occurred at the close of business Friday April 17 at $871.00. Gold ended the week down $11.90 at $871.00. This week, 2009 1 oz Gold American Eagles, 1/10 ounce 2009 Austrian Philharmonics, 1/10 oounce Gold Maples, 1 oz. Pamp Suisse Bars,
2009 1 oz. Austrian Philharmonics and 1 gram Sunshine Mint Gold Bars were all very popular items at APMEX.com.

Silver:
Spot Silver prices opened this week at $12.36. Sluggish trading pushed spot silver to a high of $12.92, on Thursday April 16, while the low for silver occurred at the close of the market on Friday April 17, at $11.97. Silver ended the week down .39 cents at $11.97. Late in the week, the APMEX 99¢ Silver Sale rallied investors to take advantage of low spot prices. 2009 Silver American Eagles, 2009 Silver Canadian Maples, 2009 1 ounce Silver Philharmonics, 1 oz. Walking Liberty Rounds , 2009 BU Mexican Libertads and 1 oz. Morgan Design Silver Bars were hot items on APMEX.com. Hot items during the 99¢ Silver Sale included: 1 oz Silver Buffalo Rounds, 5 oz Silvertowne bars, 10 oz Morgan Design bars and the all new APMEX Kilo silver bars.

Platinum:
Spot Platinum prices opened this week at $1209.00, and ended the week up at $1218.10. Platinum had a gain of $9.10 throughout the week. Platinum products continue to be in limited but stable supply. The most popular of these items were: 5 gram Credit Suisse Platinum Bars, 1 oz. Platinum Pamp Suisse Bars, 1 oz. Scotiabank Platinum bars, and 2009 1 oz. Platinum Canadian Maple Leafs. APMEX just received a new shipment of 1/2 oz Platinum American Eagles and 1 oz Platinum American Eagles.

Palladium:
Spot Palladium prices opened this week at $234.95, and ended the week up$3.05 at $238.00. This week the 1 oz. Pamp Suisse Palladium Bars and 10 ounce Pamp Suisse Palladium Bars were popular with palladium minded investors.

Numismatics:
The rare coin market of 2009 continues to move upward rapidly. Although not all segments of the market are participating, Pre-1933 US Gold Coins, BU rolls of coins, Statehood Quarters, and Morgan Silver Dollars are all showing scattered plus signs on the dealer trading networks. These are the “hot” areas of US numismatics at the current moment.

The Classic Commemorative Coin Series is showing mixed results – with several plus signs and a few offsetting minuses. But the overall strength of these under-appreciated coins is very good. Modern Mint Sets are in strong demand! Dealers are aggressively buying them because their customers are demanding them!

The coin market continues to show strength, especially when viewed through the prism of our very weak US dollar, the high unemployment figures, and the overall weak business sector. Compared to those economic indicators, the rare coin market is very bullish!