Weekly Market Recap 06/19/09

Early this week, G-8 Finance Ministers agreed the US Dollar would continue as the world’s dominant currency. This resulted in the worse losses for precious metals in more than a month. The rising US Dollar and the release of the US Governments plan to reorganize financial market regulations further contributed to mid-week losses. Even with these large scale events, metal pricing should move within a fairly tight band until more defined economic growth provides a definite direction in the precious metal market.

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 $940.30. The high during the week was on Thursday, June 18, at $944.00, while the low for the week was on Monday June 15th at $926.50 Gold ended the week down a bit at $935.00. This week, 2009 1 oz Gold American Eagles, 1/10th oz. Random Year Gold Eagles and 1/10 oz. Random Year Gold Maple Leafs, were all very popular items at APMEX.com.

Silver:
Spot Silver prices opened this week at $14.85. Active trading pushed spot silver to a high of $14.87 on Monday, June 15, while the low for silver occurred on Wednesday, June 17, at $13.93. Silver ended the week down a bit at $14.25.2009 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.

Platinum:
Spot Platinum prices opened this week at $1255.00, and ended the week down at $1212.50. . 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 at $251.00. 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:
Reports from the Baltimore Coin and Currency Convention have brought back mixed reviews in terms of its attendance and retail sales. Although this may not be a true indication of where the market is headed, as the summer months are traditionally a slower period for coin collecting. Precious metals prices have softened over the past week which normally doesn’t help any coin show. Pre-1933 Gold continues to hold strong with both $2 1/2 and $5 Gold Indian Coins in Mint State selling particularly well.
As is the case for most East Coast coin shows, copper coins were abundant and on most want lists. Early American Copper such as Half Cents, Large Cents and key date early Lincoln Cents are wanted by virtually every dealer! This reaffirms the fact that copper coins have been leading the numismatic side of the coin business for some time now with no signs of letting up.
Type coins’ popularity continues to grow, especially in the Dollar denomination, with Bust and early Seated material doing most of the talking. Any coins, whether raw or certified, and with a reasonable price tag are beginning to find new homes in numerous collections.
Classic Commemorative coins with lots of flash and eye appeal have been holding strong in their price ranges even in MS-66 grade. Although there are 144 silver coins in a complete set, this continues to be one of the most affordable, and underrated, sets in all of numismatics!