Weekly Market Recap 06/12/09

Precious metals saw a bit of a withdrawal in pricing late in the week as the US dollar firmed and equities stocks were more stable. This late week activity eroded early week gains as well as some of metal’s appeal as an alternative investment. However, with no clear direction or firm trust in the market, precious metals continue to be one of few beneficial investment avenues for savvy market players. Metal’s pricing also historically follows oil prices which saw a decline this week triggering across-the-board selling in the commodities market. Looking ahead following a nearly flat week, investors await any news from the G8 finance minister’s conference over the weekend that might give any insight into the market’s direction.

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 $950.90. The high during the week was on Wednesday, June 10, at $966.70, while the low for the week occurred at the close of the market on Friday June 12th at $940.20 Gold ended the week down a bit at $935.60. This week, 2009 1 oz Gold American Eagles, 2009 Gold Canadian Maple Leafs, and 1 ounce Pamp Suisse Gold Bars, were all very popular items at APMEX.com.

Silver:
Spot Silver prices opened this week at $14.91. Very active trading pushed spot silver to a high of $15.54 on Thursday, June 11, while the low for silver occurred on Monday, June 8, at $14.73. Silver ended the week at $14.87.2009 BU Silver American Eagles, 1 oz. Silver Buffalo Rounds, 2009 Silver Canadian Maples and 1 oz. Fine Walking Liberty Silver Rounds were all popular items at APMEX.com. Walking Liberty Silver Rounds were offered to our customers for only .89 cents over spot in any quantity this week. We hope you were able to take advantage of this great pricing.

Platinum:
Spot Platinum prices opened this week at $1234.00, and ended the week up at $1260.20. Platinum had a gain of $26.20 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 and 2009 1 oz. Platinum Canadian Maple Leafs.

Palladium:
Spot Palladium prices opened this week at $252.00, and ended the week with a gain of $5.50 at $257.50. 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:
With the Long Beach Coin Show now in the rear view mirror, all eyes are set on the Baltimore Coin & Currency convention as the coin market’s stability will be tested once again. Though the summer usually brings a lull in the coin market, this year has already seen positive signs that this will not be the case. The coin market has been extremely active thus far with Pre-1933 gold leading the way. Although Gold Spot has dropped some over the last week, examples grading MS-63 and better are still in high demand. Ancient coins have also seen a flurry of activity regardless of their metal content.
All Type coins from Two Cent Pieces to Seated Dimes to Bust Halves have all enjoyed accelerated sales due to their growing popularity and scarcity in high grade. All coins with the coveted Carson City mint mark (“CC”) remains strong no matter what the denomination. Furthermore, Indian Head Cents continue to heat up with both the 1908-S and 1909-S continuing to climb in value.
As this is the year of Lincoln, nearly anything with his likeness is in demand including the Illinois Statehood Quarters , which have caught fire. Early Bust Dollars and common date Morgan Silver Dollars continue to sell well. Morgan Dollar VAM varieties are very strong also, with TOP-100 varieties being the most popular.