Weekly Market Recap 5/8/09

This week, the government reported "stress test" results showed America's banking system may need another 75 Billion to pull itself out of the current recession. April Unemployment Claims were lower than expected, but still caused concern combined with the continued decline in home values and stock market losses. These losses have claimed approximately 11.1 trillion in US wealth so far, which gives limited reasoning for optimism in the near future.

Precious metals continue to be well supported by concerned investors. Trading was moderate this week in the precious metals market, as investors adopt more of a "wait and see" mentality with the economy.

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 $887.50. The high during the week was on Thursday May 7th, at $926.50, while the low for the week occurred on Tuesday, May 5th at $893.20. Gold ended the week up $30.50 at $918.00. This week, 2009 1 oz Gold American Eagles, 2009 Gold Canadian Maple Leafs, 2009 ½ oz. Gold Maple Leafs, 2009 1/10 oz. Gold Maple Leafs and 1/10 oz. Gold Austrian Philharmonics were all very popular items at APMEX.com.



Silver:
Spot Silver prices opened last week at $12.50. Active trading pushed spot silver to a high of $14.15, on Thursday May 7, while the low for silver occurred on Monday May 4th, at $12.44. Silver ended the week up $1.59 at $14.09. 2009 Silver American Eagles, 1 oz. Silver Buffalo Rounds, 2009 Silver Canadian Maples, 1 oz. Walking Liberty Silver Rounds, 2009 1 ounce Silver Philharmonics, 1 oz. Morgan Design Silver Bars and Silver Dollars (Morgan & Peace) were hot items on APMEX.com.



Platinum:
Spot Platinum prices opened last week at $1098, and ended the week up at $1156.50. Platinum had a gain of $58.50 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, ½ oz. Platinum Australian Koala Coins and 2009 1 oz. Platinum Canadian Maple Leafs.



Palladium:
Spot Palladium prices opened this week at $213.90, and ended the week with a gain of $32.80 at $246.70. 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:
The Central States Numismatic Society’s Convention was the most recent indicator of the overall strength of the rare coin market. Although we hate to sound like a broken-record, the demand is still incredibly strong for GOLD coins in all forms! Especially strong are Pre-1933 US Gold Coins. These items are being sought by collectors, dealers and investors alike. Small gold ($1.00 to $10.00 coins) are leading the way, with large gold coins ($20.00) a bit weaker.
Silver dollars, especially Morgan Silver Dollars were strong at current greysheet levels in most grades. But one of the ‘hottest’ areas of the Central States show was Mint State silver type coins, such as Liberty Seated Half Dollars, Liberty Seated Quarters and Barber Quarters are very strong and in short supply. On the downside at this show were Classic Commemorative coins and US Large size currency. Perhaps the market is providing a good buying opportunity for these items – it bears watching!