Extremely Volatile Week In Metals Markets

This week has been an extremely volatile week to say the least. We have seen the stock markets plunge around the world as more and more people make their exodus towards the physical precious metals market.

Here is a brief synopsis of the highs and lows, and the very popular bullion products and numismatics here at www.APMEX.com.

Gold:
Spot Gold prices opened last week at $839.70. The high during the week was $936.70 on Friday, while the lowest point occurred on Friday at $829.00. Overall, gold ended the week up at $854.80 for a gain of $15.10. Krugerrands, Maple Leafs, Gold Buffalos, and Gold American Eagles were all in great demand and in short supply. We do have a limited amount of gold bars for sale on a delayed delivery basis. Live we currently only have Kilo (32.15 ounces) gold bars available.

Silver:
Spot Silver prices opened last week at $11.29. Active trading pushed spot silver to a high of $12.36 on Friday. The low for silver occurred on Friday at $9.40. Overall, silver ended the week down at $10.31 for a loss of $.98. While supplies of American Silver Eagles vanished quickly, $1,000.00 face value bags of 90% silver coins were virtually non-existent. We do have a good supply of .999+ fine silver grain in our tamper evident bags as well as a limited amount of 100 ounce silver bars on a delayed delivery.

Platinum:
Spot Platinum prices opened last week at $974. Overall, platinum ended the week up at $999.00 for a gain of $25.00. Platinum American Eagles were very scarce last week, but the US Mint is still minting them, until their position of blanks is exhausted. As we are able to secure additional items we will list them. As of now, we are basically sold out of every platinum item we stock.

Palladium:
Spot Palladium prices opened last week at $208. Overall, palladium ended the week down at $197.00 for a loss of $11.00. Palladium Bars were very scarce and very expensive. The premiums now being asked are significant yet they are selling quickly.

Numismatics:
Rare coins outperformed the bullion markets last week as demand for rare coins outstripped the available supply. There is an insatiable thirst for early type coinage of all denominations and supplies are scarce.

Pre-1933 US gold coins fluctuated during the week trailing behind spot gold prices. Morgan and Peace Silver Dollars led the charge of plus signs as reported by the Coin Dealer Newsletter. World numismatic gold coins were strong, especially British Sovereigns, Mexican Gold Pesos, and Russian Roubles. World gold bullion coins that were in great demand include the Austrian Philharmonics, Chinese Pandas, and the very popular Australian Gold Lunar coins. If you do a little digging in our world coin pages, you will be sure to find both gold and silver coins with minimal premiums.

US Mint Halts Gold and Platinum American Eagle Production

The United States Mint recently released a memo to authorized dealers outlining how they will deal with the unprecedented demand for gold and silver bullion coins.

According to the memo, ALL ½ oz and ¼ oz Gold Eagles have been suspended through the remainder of the year. Platinum Eagles, Gold Buffaloes and 1/10 oz Gold Eagles will be produced until the Mint exhausts its supply of blanks, at which time all of these coins will be suspended as well.

The US Mint will focus instead on producing 1 oz Gold American Eagles and 1 oz Silver American Eagles to help satisfy the intense demand for these popular bullion coins.

The US Mint memo reads:

October 6, 2008

MEMORANDUM TO ALL AMERICAN EAGLE AND AMERICAN BUFFALO AUTHORIZED PURCHASERS

SUBJECT: 2008-Dated Bullion Products

Due to the extreme fluctuating market conditions for 2008, as well as
current market conditions, gold and silver demand is unprecedented and the demand for platinum is unusually high.

The United States Mint has worked diligently to attempt to meet demand, however, blank supplies are very limited and it is necessary for the United States Mint to focus remaining bullion production primarily on American Eagle Gold One Ounce and Silver One Ounce Coins.For the remainder of 2008 bullion inventory, the following will apply:

American Eagle Gold Bullion Coins

One Ounce Coins will remain on allocation each week. Allocation amounts are based on available quality blanks each week.One Half Ounce Coins: Inventory was depleted last week. No more coins will be produced for 2008.

One Quarter Ounce Coins: Inventory was depleted last week. No more coins will be produced for 2008.

One Tenth Ounce Coins: Inventory was depleted last week. More coins will be produced based on current blank supplies, however, once that remaining inventory is depleted, no more coins will be produced for 2008. You will be notified when these are available for sale.

American Buffalo One Ounce Bullion Coins

Inventory was depleted and sales were suspended in late September. More coins will be produced based on current blank supplies, however, once that remaining inventory is depleted, no more coins will be produced for 2008. You will be notified when these are available for sale.

American Eagle Silver One Ounce Bullion Coins

American Eagle Silver One Ounce Coins will remain on allocation each week. Allocation amounts are based on available quality blanks each week.

American Eagle Platinum Bullion Coins

All denominations were depleted last week. More coins will be produced based on current blank supplies, however, once that remaining inventory is depleted, no more coins will be produced for 2008. You will be notified when these are available for sale.We will keep you updated as more information becomes available.

This cessation of fractional Gold American Eagle coins means these coins may be tough to find. The limited production of these gold coins could make them a sought after collectable in future years. As a result, it is possible that the numismatic value of fractional 2008 Gold Eagles may increase--a pattern that has been observed repeatedly throughout history.

Get these rare coins now while they are still available! APMEX may not be able to get anymore – however, we will post them online when and if we do get additional stock. Take advantage of this great opportunity before they are gone.

http://www.apmex.com/Category/504/Gold_American_Eagles_2008__Prior.aspx