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Weekly Market Recap 07/31/09

7/31/2009 02:38:00 PM, Posted by APMEX, One Comment

This week, the Federal Reserve’s Beige Book Report said economic conditions are still weak. According to the report, the economy contracted for a record-breaking fourth quarter in a row. In the past year the economy has fallen 3.9%, the sharpest drop since the Great Depression of the 1930’s.

Tech stocks were weighed down this week by the market’s disappointment in the advertising and search engine deal between Yahoo and Microsoft. In its biggest single-day loss since May, Crude Oil fell 5.8%. Energy stocks followed this trend and went on to be the market’s weakest link this week. Talks of the recession ending are still present; however, weary economic data continues to support the contrary. The markets for Gold and Silver seemed to move sideways this week with little movement in either direction.

This weekend, APMEX is providing its customers with a fantastic opportunity to take advantage of extremely low premiums on a large selection of Heraeus Gold and Silver Bars. These bars present a great opportunity to add to your bullion position. To see a full list of Heraeus Gold and Silver specials visit APMEX.com.

Gold:
Spot Gold prices opened this week at $951.40. The high during the week was on Monday, July 27th at $960.00, while the low for the week was on Wednesday, July 29th at $925.20. Gold ended the week with a gain of $4.50 at $955.90. This week 1 oz. Random Year Gold American Eagles, 2009 1 oz. Canadian Maple Leafs and 1/10 oz. Random Year Gold American Eagles were in very high demand.

Silver:
Spot Silver prices opened this week at $13.89. Silver reached a high of $14.09 on both Monday the 27th and Tuesday the 28th, while the low for silver occurred on Wednesday, July 29th, at $13.16. Silver ended the week with a gain of $0.09 at $13.98. This week Brilliant Uncirculated Random Year 1 oz. Silver Eagles, 2009 1 oz. Silver Maple Leafs and APMEX 1 oz. Fine Silver Rounds sold in very strong quantities.

Platinum:
Spot Platinum prices opened this week at $1193.80, and ended the week up $23.10 at $1216.90. Many investors continue to be keenly interested in platinum. 1 oz. Pamp Suisse Platinum Bars, 10 oz. Credit Suisse Platinum Bars and 2009 1 oz. Platinum Canadian Maple Leafs continue to lead the way as the products of choice with investors.

Palladium:
Spot Palladium prices opened this week at $260.95, and ended the week with a gain of $7.85 at $268.80. This week, the most popular of these products are 1 oz. Pamp Suisse Palladium Bars, 1 oz. Credit Suisse Palladium Bars and 10 oz. Pamp Suisse Palladium Bars.

Numismatics:
2009 Gold Buffalos are on the horizon! According to Coin World, the numismatic hobby’s largest trade publication, the U.S. Mint is set to strike 2009 $50 Gold Buffalos beginning in October. Gold Buffalo coins are the first 24-karat gold coins (.999 Fine) issued by the United States Mint. Since their arrival in 2006, Gold Buffalos have commanded outrageous premiums. This is due in large part to their beautiful design, modeled after the 1913 Buffalo Nickel by James Earle Fraser. This beautiful coin has captured both the investors and collectors eye, making this the most sought after bullion coin the U.S. Mint is currently producing. There has been no word yet as to whether or not the Mint intends to produce any proof examples or any fractional denominations.

For more strictly numismatic news, the Mint has also resumed production of its 2009 Nickels and Dimes, which up until this point had only struck 86.6 million Jefferson nickels and 148 million Roosevelt Dimes. This would have been the lowest mintage for both denominations since the 1950’s. However, since they have decided to resume production, mintages may be much higher, though only a small portion have found their way into circulation thus far. Despite the fact that the Mint will be producing more, these coins may very well become a present day rarity!

Recently, Walking Liberty Half Dollars, especially the key date 1921-D, and the short set, which comprises the last seven years of the series 1941-1947, have really seen a resurgence in interest. High grade examples that have been certified by a third party grading service are commanding the highest premiums. However, this set is very attainable and affordable in average circulated condition with the most expensive coin costing less than $300.

Weekly Market Recap 07/24/09

7/24/2009 02:12:00 PM, Posted by APMEX, No Comment

While the Dow Jones Industrial Average showed a bit of strength this week, it was not all good news for the stock market. Microsoft announced a billion dollar revenue shortfall that hung a damper over the entire tech sector. Meanwhile online giant Amazon.com reported a 10% decline in 2nd quarter earnings as reported by Reuters. But not all of the markets reported gloomy news. Gold prices rebounded from its lows on news of a weakening US dollar and higher energy prices, as reported by ScotiaMocatta’s Global Research.

This week, APMEX dug even deeper into the vaults and presented customers with an opportunity to buy from a large selection of products for only $9.99 or less. The sale runs through the weekend, however due to high customer response these selected items are moving fast. To see a full list of remaining coins visit APMEX.com.

Gold:
Spot Gold prices opened this week at $938.50. The high during the week was on Thursday, July 23rd at $957.50, while the low for the week was on Monday, July 20th at $937.00. Gold ended the week with a gain of $13.90 at $952.40. This week 2009 1/10thoz. Gold Maple Leafs, 1oz. Random Year Gold American Eagles and 10 gram APMEX Gold Bars were in very high demand.

Silver:
Spot Silver prices opened this week at $13.40. Silver reached a high of $13.95 at the close of the market on Friday, July 24th, while the low for silver occurred on Wednesday, July 22nd, at $13.34. Silver ended the week with a gain of $0.55 at $13.95. This week Brilliant Uncirculated Random Year 1oz. Silver Eagles, 2009 1oz. Silver Maple Leafs and 1oz. Fine Silver Buffalo Rounds sold in very strong quantities this week.

Platinum:
Spot Platinum prices opened this week at $1176.80, and ended the week up $16.50 at $1193.30. Many investors continue to be keenly interested in platinum. 1oz. Pamp Suisse Platinum Bars, 1/4oz. Platinum American Eagles and 2009 1oz. Platinum Canadian Maple Leafs continue to lead the way as the products of choice with investors.

Palladium:
Spot Palladium prices opened this week at $250.95, and ended the week with a gain of $16.00 at $266.95. This week, the most popular of these products are 1oz. Pamp Suisse Palladium Bars, 1oz. Credit Suisse Palladium Bars and 10 oz. Pamp Suisse Palladium Bars.

Numismatics:
Where have all the dimes gone? As time takes its toll on us, it also takes its toll on the hobby of coin collecting. Over the last 30 years, silver has experienced a somewhat uneven marketplace with high peaks and low valleys. Silver reached its peak during 1979 and 1980 due to an anomaly that will likely never be repeated. It’s most recent peak was in March of 2008, when it was over $20.00 an ounce. These peaks and valleys have significantly reduced the numbers of dimes considered to be thought of as common coins in collector grades. These coins are now becoming scarce due to their bullion content. Mercury Dimes, always a hit with collectors, are especially in short-supply as these lower grade examples are traded strictly as bullion now. However, even though this is now becoming a tougher series to collect in circulated grades, the key dates such as the 1916-D are still most commonly found on the bourse floor in Almost Good-3 to Very Good-10 grades.

Although the future price of silver is unknown, one thing that is known is that nearly all Type coin prices are strong. Problem free examples, of course, have enjoyed the most success though ones with minor defects that are reasonably priced are also being purchased. Two Cent Pieces, especially in circulated grades, have had a tremendous run with its key dates the 1864 Small Motto, and the 1872, when found, still commanding high premiums.

Classic Commemoratives are continuing to pick up steam too as nearly all are commanding strong prices. This set, even in high grade, is very affordable and attainable. Classic Commemorative Memorabilia, though always bringing strong prices, have only become scarcer as these articles have either deteriorated due to lack of proper preservation or they have been lost to time.

RETRACTION

7/18/2009 06:38:00 AM, Posted by APMEX, No Comment

On Friday, 7/17/09, we included news that had been published on a number of other sites (www.mineweb.com, www.gata.org, www.istockanalyst.com) that announced the US Mint’s continuation of the suspension of certain coins.

This information appears to be an erroneous re-posting of old news and was not verifiable on the US Mint’s official website (www.usmint.gov). APMEX aims to deliver current factual information. However, there are times when old news is posted under the guise of "new news".

We apologize for reporting this news to our customers and for any confusion this may have caused.


David McCarty
Director of Marketing

Weekly Market Recap 07/17/09

7/17/2009 02:31:00 PM, Posted by APMEX, No Comment

Bullion prices rallied this week as U.S. equities reached a one month high on rising company earnings reports. Prices hit their first weekly gain in nearly three weeks while riding the coattails of rising oil prices and a declining dollar. Talks of a second fiscal stimulus package continued this week keeping economy woes on the front burner for investors.

This week, APMEX presented customers with an opportunity to buy selected U.S. and foreign coins and currency for only 99¢. The sale was intended to run through the weekend, however due to high customer response these selected items are nearly sold out. To see a full list of remaining coins visit APMEX.com.

Here is a brief overview of the highs and lows for this week.

Gold:
Spot Gold prices opened this week at $912.30. The high during the week was on Wednesday, July 15th at $942.30, while the low for the week was on Monday July 13th at $907.40. Gold ended the week with a gain of $26.20 at $938.50. This week 1 oz. 2009 Gold American Eagles, 10gm APMEX Gold Bars and 1oz. APMEX Gold Bars were popular items with investors.

Silver:
Spot Silver prices opened this week at $12.66. Silver reached a high of $13.49 at the close of the market on Friday, July 17th, while the low for silver occurred on Monday July 13th, at $12.43. Silver ended the week with a gain of .78 cents at $13.44. This week 1oz. 2009 Silver American Eagles, 1oz. Walking Liberty Silver Rounds and 10 oz. Sunshine Mint Silver Bars remained extremely popular among buyers.

Platinum:
Spot Platinum prices opened this week at $1105.10, and ended the week up $72.30 at $1177.40. Many investors continue to be keenly interested in platinum. This week 2009 1oz. Platinum Canadian Maple Leafs, ½ oz. Platinum American Eagles and 1oz. Pamp Suisse Platinum Bars sold in solid numbers.

Palladium:
Spot Palladium prices opened this week at $232.15, and ended the week with a gain of $19.85 at $252.00. The most popular of these products this week are 1oz. Pamp Suisse Palladium Bars, 1oz. Credit Suisse Palladium Bars and 10 oz. Pamp Suisse Palladium Bars.

Numismatics:
By now it must sound like a broken record, the coin market is demonstrating great strength. Last week’s Florida United Numismatists (FUN) show held in West Palm Beach, Florida was very successful and attendance was strong. Pre-1933 Gold type coins in lower mint state grades remain the topic of conversations both on the bourse floor as well as in local coin shops around the United States. Even the tiny $1 Gold coins have enjoyed the benefits of the coin market’s favorable position.

Problem free Half Cents and Large Cents in collector grades, that are reasonably priced, continue to remain the backbone of early type coins. Though the more common dates in the 1840’s and 1850’s have seen a rise in popularity, it is the early examples of these series’ that are the driving force. In addition to the success early copper has had, Bust and Seated Liberty type coinage have also seen a resurgence in popularity, especially the Seated Liberty Quarter series.

Morgan Dollars, much like early type, have remained strong in affordable grades. Common date Morgans in high grade continue their upward swing with no indication of slowing down. Even key date Morgans such as the 1889-CC (Carson City) and the 1894 dollar have benefited from the current demand!

Weekly Market Recap 07/10/09

7/10/2009 02:04:00 PM, Posted by APMEX, No Comment

Stock market trading was lighter than normal this week as many investors are still waiting for a signal of a firmer economy. Early in the week, oil prices hit a six week low, which sparked concerns that economic recovery still may be in the distant future. The University of Michigan released a report late in the week showing American consumer confidence has fallen to 64.6 in July from 70.5 in June. Talks of a second Federal Stimulus Package surfaced this week confirming doubts that the tide has not turned for the economy.

Due to overwhelming positive feedback, the Summer Inventory Blowout Sale has been extended through the weekend. The extension allows metal investors and numismatic collectors the opportunity to continue to save up to 75% off regular prices on selected items marked with the “Firecracker” icon. To take advantage of these great prices visit www.APMEX.com.

Here is a brief overview of the highs and lows for the week.

Gold:
Spot Gold prices opened this week at $934.30. The high during the week was the market open on Monday, July 6th at $934.30, while the low for the week was on Wednesday, July 8th at $904.80. Gold ended the week down a bit at $913.40. This week 1 oz. 2009 Gold American Eagles, 2009 Gold Maple Leafs and 1oz. Pamp Suisse Gold Bars were popular items with investors.

Silver:
Spot Silver prices opened this week at $13.42. Silver reached a high of $13.48 on Monday, July 6th, while the low for silver occurred on Wednesday, July 8th, at $12.74. Silver ended the week at $12.70. This week 1oz. 2009 Silver American Eagles, 1oz. Silver Buffalo Rounds and 5 oz. Silver APMEX Rounds were quite popular, as were many silver items included in the Summer Blowout sale.

Platinum:
Spot Platinum prices opened this week at $1186.20, and ended the week down a bit at $1108.20. Many investors continue to be keenly interested in platinum. This week 1oz. Pamp Suisse Platinum Bars, 1oz. 2009 Platinum Maple Leafs and 1 oz. Scotiabank Platinum Bars were in high demand at APMEX.com

Palladium:
Spot Palladium prices opened this week at $250.00, and ended the week down a bit at $238.45. The most popular of these products this week were; 1oz. Pamp Suisse Palladium Bars, 10 oz. Palladium Pamp Suisse Bars and Random Year 1oz. Palladium Canadian Maple Leafs.

Numismatics:
Typically during the Summer season, prices will remain level as many dealers and collectors take a well-deserved breather from their active pursuit of numismatics. That does not seem to be the case this year! Although precious metals prices are a little bit lower than in recent weeks, demand has not abated. Common date US Gold Coins are extremely active on both the wholesale and retail markets, while rare date gold coins have weakened slightly.
Key date coins are also continuing to remain popular and in demand. A well-known key date silver coin, the 1916-D Mercury Dime, is particularly popular and it is one that all Dime collectors need! Early date specimens of Walking Liberty Half Dollars are also a quick-selling commodity. Continuing the “key date” trend is the 1893-S Morgan Silver Dollar, a rare coin that continues to advance in price almost regardless of grade!
Early Type Coins have finally retrenched and prices are starting to soften, after many months of very strong price advances. However, we are unsure whether this softening is the start of a correction or a temporary aberration. This may prove to be an excellent opportunity to purchase coins.

Weekly Market Recap 07/03/09

7/03/2009 01:50:00 PM, Posted by APMEX, No Comment

Happy Independence Day Everyone! Precious metals traded within a tight range this week, as the Labor Department released data showing Unemployment Rates had risen to their highest levels since August 1993. This information further confirmed that American Consumer confidence is in a continued downward slide. Some experts believe recent optimism and confidence in the markets were premature. Due to the continued release of contradictory information and reports, precious metals remain a steadfast harbor for weary investors.

Late in the week APMEX announced its Summer Inventory Blowout Sale –referred to by happy customers as the “Firecracker Sale”. The sale offers metal investors and numismatic collectors the opportunity to save up to 75% off regular prices on selected items marked with the “Firecracker” icon. Between now and June 9th, visit www.APMEX.com to see the entire selection of sale items throughout the site.

Here is a brief overview of the highs and lows for this shortened holiday week.

Gold:
Spot Gold prices opened this week at $940.70. The high during the week was on Wednesday, July 1st at $947.10, while the low for the week was on Tuesday, June 30th at $922.70. Gold ended the week down a bit at $933.30. This week 1 oz. 2009 Gold American Eagles, 2009 Gold Maple Leafs and 1oz. Pamp Suisse Gold Bars were in high demand at APMEX.com

Silver:
Spot Silver prices opened this week at $14.10. Tight trading pushed spot silver to a high of $14.15 on Tuesday, June 30th, while the low for silver occurred on Thursday, July 2nd, at $13.29. Silver ended the week at $13.44. This week 1oz. 2009 Silver American Eagles, 1oz. Silver Buffalo Rounds and 1oz. APMEX rounds were in high demand.

Platinum:
Spot Platinum prices opened this week at $1208.10, and ended the week at $1189.70. Platinum had a small loss of $18.40 through the week. Investors were eager to purchase Platinum products this week. This week 1oz. Pamp Suisse Platinum Bars, 1oz. 2009 Platinum Maple Leafs and 1 oz. Scotiabank Platinum Bars were in high demand at APMEX.com

Palladium:
Spot Palladium prices opened this week at $247.20, and ended the week at $252.50 with a gain of $5.30. Palladium products continue to be in great demand as well. The most popular of these products this week are; 1oz. Pamp Suisse Palladium Bars, 10 oz. Palladium Pamp Suisse Bars and Random Year 1oz. Palladium Canadian Maple Leafs.

Numismatics:
Problem free coins that are affordably priced, as has been the case for years, are all the rage. This especially holds true for Pre-1933 Gold coins as well as early Type coins. Early copper, particularly in the higher grades has seen tremendous growth and popularity in the last few months. Nearly all third-party graded examples, even coins simply graded “Genuine,” are on everyone’s want lists.

Similarly, early Walking Liberty half dollars are enjoying the same type of hype and popularity as is Early American Copper. Mostly early high grade examples are eagerly sought after with certified examples carrying most of the weight. Key date coins such as the 1921, the 1921-D, and the 1938-D are selling particularly well.
Morgan Silver Dollars continue to steadily rise in price; even common date silver dollars have become more attractive to buyers who are just getting into the hobby. As is the case with most things this week, certified examples are fetching the highest premiums, for both common date and tougher date Morgan Dollars.