Weekly Market Recap 08/14/09

This week the Federal Open Market Committee meeting on interest rates commenced. According to the committee, conditions in the financial markets still remain constrained by ongoing job losses, sluggish income growth, lower housing wealth and tight credit. The central bank will keep interest rates at close to zero which should bolster bullions’ status as a hedge against inflation.

Due to reports this week, worries of long term inflation are entering the minds of investors as a clear direction and contradictory reporting are still looming. Long term inflation will benefit bullion investors and collectors alike as the dollar continues to dive against other currencies.

This week, APMEX introduced “The Great American Coin Giveaway” to its customers. Each day over the next 30 days we will select two winners to receive a FREE Gold or Silver coin of our choice. One winner will be selected from our current customers and one winner selected from new customers. There are absolutely no strings attached to win, just register and if your name is drawn, you can simply wait for your FREE Gold or Silver coin to come in the mail. To register for your free Gold or Silver coin click here!

Congratulations to the WINNERS from the first drawing from 08/13/09 go out to:

Randy M. from Oneida, TN
David C. from Mansfield, CT


Gold:
Spot Gold prices opened this week at $954.40. The high during the week was on Thursday, August 13th at $960.52, while the low for the week was on Wednesday, August 12th at $940.60. Gold ended the week down slightly at $947.40. 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 $14.56. Silver reached a high of $15.14 on Thursday, August 13th, while the low for silver was occurred on Wednesday, August 12th, at $14.12. Silver ended the week with a gain of $0.20 at $14.76. 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 $1266.50, and ended the week down slightly at $1261.50. 1 oz. Pamp Suisse Platinum Bars, 2009 – 1 oz. Platinum Canadian Maple Leafs and 1 oz. Brilliant Uncirculated Platinum American Eagles seem to have a solid hold on the investment market as the products of choice.

Palladium:
Spot Palladium prices opened this week at $279.05, and ended the week with a gain of $1.55 at $280.60. Popular products this week were 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:
Though Type Coins are in demand and have been for some time now, Liberty Seated Dimes may be the forgotten series. Though it is a Liberty Seated coin, some collectors may only think of the Liberty Seated Half Dollar or Liberty Seated Quarter or even the Liberty Seated Half Dime before they think of the dime. However, the dime, perhaps due to its size, is the most plentiful and easiest on your wallet. This series is the longest running dime series in United States history and has quite a few varieties. The series began in 1837 and ran until 1891 when it was replaced by the Barber Dime. When it was first minted, only a depiction of Miss Liberty, who was seated, was on the obverse. The following year 13 stars were added to the obverse. And in 1840 drapery was added to fill out the design. Its final major design change happened in 1860 when the stars were replaced with the words “UNITED STATES OF AMERICA.” Also in 1860 the mintmark was changed from above the wreath to below the wreath in New Orleans, followed by San Francisco in 1861. In 1871 the Carson City mint began producing these dimes and like most Carson City mint products, the coins were, and are, the most sought after in the series. However, with the occasional exception, this is a very affordable series with many of the later examples selling for less than $100 in Almost Uncirculated condition.

Thursday, August 13th saw the 3rd Lincoln Cent of 2009 released. This new design depicts Lincoln in his “Professional Life” as a congressman for the state of Illinois, as he is standing in front of the Illinois State Capitol building . This was one of many stepping stones taken on his road to the Presidency. APMEX will have these posted on the site as soon as we obtain them. However, APMEX offers a great selection of the previous two cents which include the Birthplace Log Cabin and the Formative Years Rail Splitter. The 4th and final design of 2009 will be released on November 12th in Washington D.C. which depicts his Presidency.