Weekly Market Recap 07/31/09

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.