Weekly Market Recap 08/07/09

Worries about economic stability were ever present this week as the market fluctuated on mixed reporting. Early in the week The Institute for Supply Management released its Manufacturing Index Report showing a 10th consecutive month of contraction. This report is seen by investors as an indication that business is still getting worse in the U.S. and that a turnaround is not in the near future.

The American Bankruptcy Institute reported mid-week that filings jumped 34.3% from a year ago, the highest increase since the Bankruptcy Abuse Prevention and Consumer Protection Act was implemented in 2005. This report is further proof that many Americans are still struggling to make ends meet.

Late in the week the Labor Department reported the unemployment rate fell for the first time since April 2008. This data, however, is contradictory to early and mid-week reporting, reinforcing the fact that there is still no clear direction in the market.

This week, APMEX introduced an expanded selection of Pre-1933 Gold to its customers. These beautiful numismatic coins present a great opportunity for you to add to your collection. To see a full list of Pre-1933 Gold visit click here!

Gold:
Spot Gold prices opened this week at $957.50. The high during the week was on Thursday, August 6th at $971.90, while the low for the week was on Tuesday, August 4th at $952.10. Gold ended the week with a loss of $1.10 at $956.40. This week 1 oz. Random Year Gold Krugerrands, 1 oz. Random Year Gold American Eagles and 1/10 oz. Random Year Gold American Eagles were in very high demand.

Silver:
Spot Silver prices opened this week at $13.90. Silver reached a high of $15.05 on Thursday, August 6th, while the low for silver was at the beginning of the week Monday August 3rd, at $13.90. Silver ended the week with a gain of $0.78 at $14.68. This week 2009 1 oz. Silver Maple Leafs, 1 oz. Brilliant Uncirculated Silver American Eagles, and 1 oz. APMEX .999 Fine Silver Rounds sold in very strong quantities.

Platinum:
Spot Platinum prices opened this week at $1215.90, and ended the week up $46.20 at $1262.10. Many investors continue to be keenly interested in platinum. 1 oz. Pamp Suisse Platinum Bars, 2009 1 oz. Platinum Canadian Maple Leafs and 1 oz. Brilliant Uncirculated Platinum American Eagles continue to lead the way as the products of choice with investors.

Palladium:
Spot Palladium prices opened this week at $265.00, and ended the week with a gain of $14.10 at $279.10. This week, the most popular of these products are 1 oz. .999 Fine Pamp Suisse Palladium Bars, 1 oz. .999 Fine Credit Suisse Palladium Bars, and Kilo .999 Fine Pamp Suisse Palladium Bars.

Numismatics:
The resurgence in the spot metal prices for gold and silver added some fuel to the fire of numismatics this week. As dealers and collectors wound their way west to Los Angeles for the American Numismatic Association’s annual summer convention, there was great anticipation about the current upward direction of the numismatic marketplace. The pre-ANA auctions all showed considerable strength for many types of coins.

Classic Commemorative coins overcame their doldrums of earlier this year and were, as one report put it, “on fire” at the pre-ANA auctions. For example, a 1926 Sesquicentennial Half Dollar in MS66 grade is wholesale bid at $16,000.00; yet one MS-66 graded example brought $43,125.00 – 2.7 times the current bid price at one of the auctions! While not all commemorative coins brought such significant premiums, many other examples sold at prices much higher than current bids.

Morgan Silver Dollars always enjoy strong collector and investor support and this week was no exception to that rule. But what is unusual is what is in demand and what is out of favor. Some of the more common dated coins are improving in price and are eagerly being sought, while many other better date coins were weaker in price. While that seems fairly unusual, such is the nature of the ever-changing coin market. Always remember that all markets are cyclical and that the coin market is no exception!