Market Recap 1/22/10

This week was a shortened trading week for the U.S. markets, due to a federal holiday on Monday.

Stocks slid for the third straight day Friday based on dissatisfaction over companies’ earnings and uncertainty about the President’s plans to limit the size of big banks and to end some of their risky trading practices. The Dow Jones industrial average also saw its largest two-day drop since June.

Rep. Barney Frank, D-Ma., chairman of the House Financial Services Committee, suggested that Fannie Mae and Freddie Mac should be done away with.

“This committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance, that’s the approach rather than the piecemeal one,” Frank said.

The government released unemployment figures for December, showing an increase in unemployment rates in 43 states. The rise in job losses was a quick change from November, when 36 states reported falling unemployment rates. “A lot of states that had started to add jobs (in November) gave up those gains in December,” said Sophia Koropeckyj, managing director at Moody’s Economy.com. Delaware, Florida, North Carolina and South Carolina reported record highs for jobless rates in December.

APMEX sales were very strong this week, due to the retreat in the price of gold. “Customers have taken advantage of the corrections in the price of gold, seeing the opportunity to buy low,” said Mike Garofalo, Vice President of APMEX.

Gold:
Spot Gold prices opened this week at $1,130.70. The high during the week was on Tuesday, January 19th, at $1,140.50, while the low for the week occurred on Friday, January 22nd, at $1,080.90. Gold ended the week down $37.20 at $1,093.50. This week, Gold American Eagles, Perth Mint Fractional Gold and 2009 1/10 oz. South African Gold Krugerrands remain in the forefront of investor’s minds.

Silver:
Spot Silver prices opened this week at $18.46. Silver reached a high of $18.80 on Tuesday, January 19th while the low for silver occurred on Friday, January 22nd, at $16.86. Silver ended the week down $1,41 at $17.05. This week, the most popular silver items included 1 oz. Silver American Eagles, 2010 1 oz. Silver Maple Leafs and 1 oz. APMEX .999 Fine Silver Rounds.

Platinum:
Spot platinum prices opened this week at $1,621.50 and ended the week down $69.00 at $1,552.50. Platinum American Eagles, 1 oz. Credit Suisse Platinum Bars and 1 oz. Pamp Suisse Platinum Bars were popular with platinum investors this week.

Palladium:
Spot palladium prices opened this week at $451.00 and ended the week down $17.80 at $433.20. Popular palladium products this week included 2009 Palladium Canadian Maple Leafs MS-69 NGC, 1 oz. .999 Fine Pamp Suisse Palladium Bars and Random Year 1 oz. Palladium Canadian Maple Leafs.

Featured Bullion Product:
Each week, APMEX will review a different bullion product for the benefit of our readers. This week, we will examine the Austrian Philharmonic Gold coin.

First minted in 1989, the Austrian Philharmonic Gold coin was the most popular selling gold coin in the entire world during 1992, 1995 and 1996, according to the World Gold Council. Elegant is the perfect word to encompass this lovely and unusual coin. These exquisite coins were created as a tribute to the renowned Vienna Philharmonic Orchestra, one of the finest musical ensembles in the world.

A harmonious design of musical instruments represents the world famous orchestra on the reverse of this gold coin. The obverse depicts the Great Organ of the Golden Hall in Vienna's concert hall. Many collectors and investors consider this to be one of the most beautiful designs of all gold bullion coins. The Austrian Philharmonic coin is struck in .9999 fine gold and is available in 4 sizes: 1 ounce, ½ ounce, ¼ ounce and 1/10 ounce. There is even a very special limited-edition 20-Ounce Philharmonic Gold coin available in very small quantities worldwide.

APMEX offers a great selection of Austrian Philharmonic Gold coins dated during the current year and in several prior years in Brilliant Uncirculated condition. Coins purchased in quantities of 10 or more will be delivered in mint tubes, and orders of 500 or more come in sealed mint boxes when available.