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Weekly Market Recap 08/21/09

8/21/2009 02:59:00 PM, Posted by APMEX, No Comment

This week has seen more sideways trading as the markets continue to seek a clear and definitive direction. While some are claiming the worst is over, others like report that more than 300 banks could still fail across the nation, further affecting small businesses and consumers, the real drivers of the economy. This mixed review has left many precious metals investors highly concerned about the validity of the positive reports and leery of the potential backlash of over confidence in the stock markets.

APMEX’s “The Great American Coin Giveaway” is in full swing. In fact, APMEX shipped out free coins like Silver American Eagles, 1/10 oz Gold American Eagles and 1 oz Silver APMEX rounds to the lucky winners this week. There will be more awards in the coming weeks, but you need to register to have the opportunity to win. Register for APMEX’s Great American Coin Giveaway here. Congratulations to the WINNERS from the Great American Coin Give Away! You can view winners on the contest winners page!

Spot Gold prices opened this week at $947.50. The high during the week was at market close on Friday, August 21st at $954.20, while the low for the week was also on Monday, August 17th at $930.00. Gold ended the week up $6.70 at $954.20. 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.

Spot Silver prices opened this week at $14.73 and set its high for the week on Monday, August 17th, while the low for silver was occurred on Wednesday, August 19th, at $13.49. Silver ended the week down $0.50 at $14.23 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.

Spot Platinum prices opened this week at $1265.00, and ended the week down slightly at $1261.00. 1 oz. Pamp Suisse Platinum Bars, 2009 – 1 oz. Platinum Canadian Maple Leafs and 1 oz. Brilliant Uncirculated Platinum American Eagles continue to enjoy investors attentions.

Spot Palladium prices opened this week at $276.00, and ended the week with a gain of $10.25 at $286.25. 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.

Though it is a fixture on all American coins and currency now, IN GOD WE TRUST did not appear on American coinage until 1864 when it graced the Two-Cent Piece. This was due in large part to the strong religious beliefs of the time during the Civil War. Secretary of the Treasury Mint Salmon P. Chase took it upon himself to affix some type of motto with the word “GOD” onto all coins. He was successful in doing so in 1865 when Congress, and the Mint Director allowed the motto to be placed on all silver and gold coins. Between the years of 1864 and 1909 it appeared on some coins while it did not appear on others. A few coins that it did appear on were the Shield Nickel , the $20, $10 and $5 Liberty Gold Coins, the Morgan Silver Dollar, the Barber Half Dollar, and the Barber Quarter Dollar. It appeared on the new Lincoln Cent in 1909 and has remained there ever since. In 1916 it became a permanent fixture on the dime and the quarter. The Jefferson Nickel, first minted in 1938, also bore that inscription. In 1956 IN GOD WE TRUST was declared the national motto of the United States. The motto first appeared on paper currency in 1957 with the one dollar silver certificate. Though it has met with some controversy, most Americans approve of the motto on United States money.

APMEX has now obtained the 2009 Denver Mint Professional Years Lincoln Cent. They are available as a single coin, as a roll, or as a 50 roll box ($25 Face Value). Next week, on August 26th, the Mint will release the 4 newly-designed 2009 Lincoln Cents in their original copper composition, just as they were released in 1909. These coins will be packaged as a four coin proof set. Their original composition was 95% copper, 3% zinc, and 2% tin alloy. Thomas Jurkowsky, Director of the U.S. Mint’s Office of Public Affairs, has stated that the sets are unlimited. The Mint has not yet disclosed a price.

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