Weekly Market Recap 05/15/09

The market’s “Wait and See” mentality continued this week as metals were caught between a weakened U.S. Dollar and firmer equities. Retail sales, announced this week, were significantly lower than a year ago which highlights the challenges that face U.S. consumers and overall economic growth. Also announced this week, U.S. core inflation rose more than expected in April which gave metals prices a boost midweek and rejuvenated metals appeal as a hedge against rising prices.

This week APMEX offered 100oz. JM Silver Bars for only .59 cents over spot in any quantity during a 48 hour only sale. Looking ahead, APMEX is running a Silver Dollar Sale this weekend and prices have been reduced to very attractive levels. Don’t miss your opportunity to take advantage of these great prices on Silver Dollars!

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 $917.00. The high during the week was on Friday May 15th, at $932.50, while the low for the week occurred on Monday, May 11th at $908.50. Gold ended the week up $15.50 at $932.50. This week, 2009 1 oz Gold American Eagles, 1oz. Random Year Gold Eagles, ½ oz. Random Year Gold Eagles, 1/10 oz. Random Year Gold Eagles, 2009 Gold Canadian Maple Leafs, 2009 ½ oz. Gold Maple Leafs, 2009 1/10 oz. Gold Maple Leafs and 1 oz. Pamp Suisse Gold Bars were all very popular items at APMEX.com.

Silver:

Spot Silver prices opened last week at $14.01. Active trading pushed spot silver to a high of $14.37 on Wednesday May 13th, while the low for silver occurred on MondayMay 11th, at $13.68. Silver ended the week up .02 cents at $14.03. 2009 Silver American Eagles, 1oz. Random Year Silver Eagles, 1 oz. Silver Buffalo Rounds, 2009 Silver Canadian Maples, 1oz. Random Year Silver Maples, 1 oz. Walking Liberty Silver Rounds, 1 oz. Morgan Design Silver Bars, 100 oz. JM Silver Bars and Silver Dollars (Morgan & Peace) were hot items on APMEX.com.

Platinum:

Spot Platinum prices opened last week at $1154.80, and ended the week down a bit at $1112.70. 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, 1 oz. Platinum American Eagles, ¼ oz. Platinum American Eagles, 1/10 oz. Platinum Eagles, 1/2 oz. Platinum Eagles and 2009 1 oz. Platinum Canadian Maple Leafs.

Palladium:

Spot Palladium prices opened this week at $242.30, and ended the week down a bit at $228.35. Palladium products continue to be in great demand. This week the 1 oz. Pamp Suisse Palladium Bars and Kilo .999 fine Pamp Suisse Bars were in high demand.

Numismatics:

There is good news on the gold front this week. Spot metal prices have continued to increase with Gold at over $925 and silver around $14 (at this writing). The continued good news is that while spot prices are higher and showing strength, the huge premiums that affected the market have been reduced. So now, gold in all forms, bullion and numismatic coins are trading actively because the premiums are much more manageable. Even the premiums on Pre-1933 US Gold Coins have started to come down. The rush to purchase IRA Acceptable bullion during last month has now abated which is allowing even more of the supply to freely circulate.
Especially active this week was Statehood Quarter Rolls which are seeing a fair amount of activity. Morgan Silver Dollars have taken a little breather from their intense activity throughout the first 5 months of this year, but that slack has been picked up by Early Silver Dollars, which continue to be on many dealers’ want lists. Also in demand were Liberty Seated Dollars, which are very active at current levels. Although last week these coins were slipping a bit in price, Classic Commemorative coins have climbed back up this week and are in demand once again.