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Weekly Market Recap 09/11/09

9/11/2009 02:31:00 PM, Posted by APMEX, No Comment

The major stock markets showed mixed trading results during this shortened Labor Day week. Investors restrained their buying on concerns of retreat in the market, after a short rally early in the week. Consumer credit fell $21.6 billion in July to $2.5 trillion, according to a Federal Reserve report released on Tuesday. The drop was more than five times larger than had been forecast and marked the sixth straight month of decline. The global recession has also reduced Americans’ wealth by nearly 22% since the middle of 2007.

The Fed’s Beige Book, an overview of the economy generated by the 12 Federal Reserve banks, showed little or no job growth and increased disappointment in the lack of positive economic news. According to the most recent data on labor turnover, there are 6 unemployed people for every new job opening. Even more lack luster reporting came when the Commerce Department released news that the U.S. trade deficit widened by 16.3% to $32 Billion. This is the biggest percentage increase in the deficit since February 1999. These findings are yet further evidence of the recession not yielding any time soon. Much of this news contributed, in part, to Gold’s climb over the $1,000 per Troy Ounce threshold. If you have not done so already, now is the time to expand your investment portfolio to include precious metals. Visit to see a full list of our precious metal investment opportunities.

Spot Gold prices opened this week at $993.70. The high during the week was on Friday, September 11th at $1013.10, while the low for the week was on Thursday, September 10th at $982.80. Gold ended the week with a gain of $13.90 at $1007.60. 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 $16.22. Silver reached a high of $17.02 on Friday September 11th, while the low for silver was occurred on Thursday September 10th, at $16.06. Silver ended the week with a gain of $0.61 at $16.83. This week 2009 – 1oz. Silver American Eagles, 1 oz. Silver Buffalo Rounds and 2009 – 1 oz. Silver Maple Leafs sold in very strong quantities.

Spot Platinum prices opened this week at $1260.00, and ended the week up $63.50 at $1323.50. Many investors continue to be keenly interested in platinum. 1 oz. Credit 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 $294.50, and ended the week up with a small gain of $0.90 at $295.40. This week, the most popular of these products were (1 oz.) .999 Fine Pamp Suisse Palladium Bars, 2009 – 1oz. Palladium Canadian Maple Leafs and 10 oz. Pamp Suisse Palladium Bars were highly sought after this week.

As gold continues to stay above the $1,000.00 per Troy Ounce mark, Pre-1933 US gold has seen a great deal of interest here at APMEX. Everything from $20 Saint-Gaudens to $5 Indian Half Eagles to the $1 Dollar gold pieces has seen an influx in popularity. Everybody is buying up as much gold as they can, and as quickly as they can. But is this the beginning of Gold sustaining itself above the $1,000.00 mark? Is the “wait-and-see” mentality finally shifting to “I’ve waited long enough?”

As has been the trend in recent weeks, with gold as high as it is, silver has also been breaking higher ground in terms of its spot price. Morgan Silver Dollars continue their surge through the marketplace and live up to their reputation as one of the most popular and sought after coins in the hobby. Peace Silver Dollars, though less popular than the Morgan design, have also seen an increase in popularity due in large part to the spike in silver spot prices. Even cull Silver Dollars have been extremely popular as a simple method of holding silver, while Brilliant Uncirculated examples of both designs maintain their prestige. The Carson City coins and all of the key dates still remain at the top of everyone’s list!

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