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Weekly Market Recap 08/28/09

8/28/2009 02:00:00 PM, Posted by APMEX, No Comment

This week there was very tight trading brought on by mixed signals from the major markets and mixed company reports. The combinations of all these factors don’t allow for a firm direction to be determined. The Commerce Department reported that the economy contracted 1% in the second quarter making this the fourth consecutive contraction in the economy. This is the longest economic contraction since quarterly records began in 1947. The U.S. Gross Domestic Product is down 3.9% from the second quarter of 2008 and the government will issue its final revision on second quarter GDP in September. Initial claims for unemployment benefits fell 10,000 to 570,000 in the week ending August 22, the Labor Department reported. The most startling news this week is the number of banks that are at risk according to a government report. Over 400 banks, the highest number reported in 15 years, were placed in the “at risk” category this week. The only time the FDIC has been in the red was during the savings and loan crisis of the early 1990’s. During that crisis the FDIC had to borrow $15 billion from the Treasury to correct the problem. Many market prognosticators are not optimistic!

This week, APMEX offered its customers great deals during the “APMEX-TOP 10” Sale and throughout the weekend you can take advantage of these fantastic buys. 10 of APMEX’s most popular bullion items are being offered at very low premiums but the sale ends on Monday August 31st. Make your hard earned money stretch further and don’t miss this great opportunity to save big $$$ at APMEX today!

Spot Gold prices opened this week at $955.00. The high during the week was on Friday, August 28 at $963.40, while the low for the week was on Monday, August 24 at $939.50. Gold ended the week with a gain of $2.00 at $957.00. This week 1 oz. Random Year Gold Krugerrands, 1 oz. Random Year Gold American Eagles and 1 gram APMEX Gold Bars were in very high demand.

Spot Silver prices opened this week at $14.20. Silver reached a high of $14.90 on Friday August 28, while the low for silver was occurred on Thursday August 27, at $14.04. Silver ended the week with a gain of $0.63 at $14.83. This week 2009 – 1oz. Silver American Eagles, 1 oz. Silver Buffalo Rounds and CHEAP! Morgan &/or Peace Dollars sold in very strong quantities.

Spot Platinum prices opened this week at $1256.00, and ended the week down $6.20 at $1249.80. Many investors continue to be keenly interested in platinum. 1 oz. Pamp Suisse Platinum Bars, 2009 – 1oz. Platinum Canadian Maple Leafs and 1 oz. Brilliant Uncirculated Platinum American Eagles continue to lead the way as the products of choice with investors.

Spot Palladium prices opened this week at $286.90, and ended the week with a gain of $7.70 at $294.60. This week, the most popular of these products are 1 oz. - .999 Fine Pamp Suisse Palladium Bars and 2009 – 1oz. Palladium Canadian Maple Leafs were highly sought after this week.

The Carson City Mint in Carson City, Nevada, was officially approved to begin minting coins by the United States government on March 3, 1863. Due to the large number of silver mines all across the Nevada Territory, the local mine owners petitioned Congress to establish a mint in the area. Previously, all of the silver that was extracted from the area mines had to be shipped across the rugged Sierra Nevada Mountains to the branch mint in San Francisco. During that dangerous trip, the silver was extremely susceptible to theft. So, the Carson City Mint officially opened its doors on December 13, 1869 and the first coin to debut was the 1870-CC Liberty Seated Dollar. However, by the 1890’s certain Acts of Congress, outright coin thefts, and numerous political factors led the Mint Director to close the doors of that facility on June 1, 1893, thus forever sealing the legacy of the Carson City Mint. APMEX sells a wide variety of coins from the Carson City Mint that bear the coveted “CC” mintmark. Although Carson City minted many different denominations of coins, the most famous ones are part of the well-known Morgan Silver Dollar series. We carry Carson City Morgan Silver Dollars in three different presentations - uncertified coins, certified coins, and in GSA holders! In any presentation, these coins are sure to please!

Early American Copper coins such as Half Cents, Large Cents, Indian Head Cents and Lincoln Cents continue to lead the market charge in 2009. Copper has certainly made its voice heard and many of our customers have listened. Late date Large Cents are particularly selling well along with nearly every date of Half Cent ever produced. 1909, the transitional year from the Indian Head cent coins to the Lincoln cent coins, is more popular than ever with all six examples from that year selling particularly well. Even the 1908-S Indian Head Cent is extremely active in the marketplace. But as usual, key date coins and problem free examples of both series, are the coins that make a lasting impression with collectors.

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