Weekly Market Recap 05/22/09

The U.S. Dollar continued its slide as the week came to an end which boosted precious metal and numismatic purchasing as a currency hedge. Stronger oil prices, which lingered around its six month peak, also helped boost the metal prices this week. Any signs of an economic recovery were offset by the Standard & Poor’s move to lower the United Kingdom’s credit rating from stable to negative. As recession information from around the world comes in there is increasing data showing that economic recovery will continue to be delayed.

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 $930.50. The high during the week was on Friday May 22, at $958.10, while the low for the week occurred on Monday, May 18th at $915.20. Gold ended the week up $27.60 at $958.10. 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 this week at $13.98. Active trading pushed spot silver to a high of $14.76 on Friday May 22, while the low for silver occurred on Monday May 18, at $13.63. Silver ended the week up .78¢ at $14.76. 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 this week at $1115.00, and ended the week up at $1165.70. Platinum had a gain of $50.70 through 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, 1 oz. Platinum American Eagles, ¼ oz. Platinum American Eagles, 1/2 oz. Platinum Eagles and 2009 1 oz. Platinum Canadian Maple Leafs.

Palladium:
Spot Palladium prices opened this week at $227.00, and ended the week with a gain of $8.85 at $235.80. Palladium products continue to be in great demand. To view APMEX’s Palladium products please click here as they are on a slight delay!

Numismatics:
This week brought significant changes to the rare coin market. The substantial premiums on Pre-1933 US Gold Coins continue to diminish and that is good news for collectors and dealers alike. The premiums on Pre-1933 US Gold Coins are now much more reasonable and interest in them is strong.
Early copper type coins – Half Cents and Large Cents – are on lots of want lists as the surviving populations are very low. Seated Liberty Dollars and Trade Dollars are also very strong in circulated to uncirculated grades. Collectors and dealers both are searching for these large silver coins with lots of history!
One of our favorite series based on designs, Classic Commemorative Coins, is mixed with both plus and minus signs appearing on the dealer bids. We still think this series is under-valued!