The Commerce Department reported on Wednesday, that sales of new single-family homes in the U.S. sank 11% in January to a seasonally adjusted annual rate of 309,000. It was an unexpected tumble that sent sales to their lowest level since these records began in 1963 and this loss wiped out much of the progress made in the last year, according to The Wall Street Journal. Existing-home sales fell 7.2% in January to a seasonally adjusted annual rate of $5.05 million, the lowest in seven months, said the National Association of Realtors.
The Fed is keeping interest rates near zero to encourage lending to businesses and consumers in order to stimulate growth, reported Reuters, which also means there is little money to be made by investors holding cash or bonds. “This is a little different from when you have a robust economy where you can buy the market and everything goes up because you believe in the economy,” said Keith Springer, President of Capital Financial Advisory Services in Sacramento, California.
“American International Group (AIG) warned that it may need more assistance from the U.S. Government, but the insurer said it will have adequate liquidity to ‘finance and operate AIG’s businesses and continue as a going concern for at least the next twelve months,” reported MSN Money. This plethora of weak economic news may bode well for investments in precious metals, which historically are considered a hedge against inflation.
APMEX was able to secure a limited allotment of Scruffy Random-Year Gold Canadian Maple Leaf bullion coins this week, and we are excited to be able to offer them at the very low premium of only $24.95 over spot in any quantity. If you are looking to add gold to your position or portfolio, you will be hard pressed to find a lower premium than this on gold bullion.
Gold:
Spot gold prices opened this week at $1,121.20. The high during the week was on Monday, February 22nd, at $1,130.40, while the low for the week occurred on Thursday, February 25th, at $1,088.50. Gold ended the week down $1.80 at $1,119.40. This week, investors concentrated their interest in Gold American Eagles, Canadian Gold Maple Leafs and 1 gram .9999 Sunshine Minting Gold Bars.
Silver:
Spot silver prices opened this week at $16.37. Silver reached a high of $16.56 on Monday and Friday this week, while the low for silver occurred on Wednesday, February 24th, at $15.62. Silver ended the week up $0.17 at $16.54. Silver American Eagles, 1 oz. APMEX .999 Fine Silver Rounds and Canadian Silver Maple Leafs remained popular with silver investors this week.
Platinum:
Spot platinum prices opened this week at $1,543.90 and ended the week up $4.10 at $1,548.00. This week, Canadian Platinum Maple Leafs, 1 oz. Pamp Suisse Platinum Bars and Platinum American Eagles continued to be popular with investors.
Palladium:
Spot palladium prices opened this week at $443.50 and ended the week down $6.70 at $436.80. This week, the most popular palladium items included Random Year 1 oz. Palladium Canadian Maple Leafs and 1 oz. .999 Fine Pamp Suisse Palladium Bars.
Featured Bullion Product:
Each week, APMEX will feature a different bullion product for the benefit of our readers. This week’s featured product is the United States silver dollar.
The U.S. Mint produced these coins from 1794 until 1935. APMEX carries a wide selection of Early, Trade, Morgan and Peace Dollars in many different die and mint varieties. Each silver dollar contains .77344 ounces of pure silver, making these silver dollars the most popular silver coins ever produced by the U.S. Mint. The Morgan Dollar, which was minted between 1878 and 1921, is considered by many to be the most widely collected silver coin in U.S. history.
Silver dollars are a favorite among collectors because of their size, beauty and availability, and APMEX is proud to offer a vast selection of silver dollars in all conditions, in both certified and uncertified states.
Physical Gold vs. Exchange-Traded Funds
A lot of investors are confused about the differences between owning physical gold and owning a gold Exchange-Traded Fund (ex: GLD ETF). Hopefully the following points from the traders here at APMEX will help to clear things up:
- Universally traded: Gold and silver are highly recognized and can easily be traded for goods and services anywhere in the world.
- Less credit risk: Actually owning the metals significantly minimizes investors’ exposure to credit risk.
- Not the same: Investing in the GLD ETF is not the same as investing in physical gold. This is partly because the GLD ETF fails to accurately reflect the price of gold. The premiums on physical gold products have grown from 10% to 40% over the spot price of gold over the past five years. This is not reflected in the price of the GLD ETF.
- Deviation from spot values: ETFs that track gold prices using futures contracts will track the spot price of bullion, but may deviate occasionally.
- ETF can drop to zero: Like stocks, bonds and mutual funds, GLD allows for unsuspecting investors to potentially lose all of their money. Actual physical gold price has never gone down to zero.
- No promise: The GLD ETF does not promise that any physical gold is actually held within the ETF Trust.
- No physical possession: A Gold ETF shareholder can never take physical possession of any of the gold, unless the shareholder owns 100,000 or more shares.
- No actual gold: Owning GLD is not an investment in actual gold; it is an investment in a paper security.
- Counterfeit risk: 400-ounce gold bars are the only gold bars purchased by ETFs. Because they are rarely inspected by experts for authenticity, counterfeit bars can end up in the fund. If one or more are found to be counterfeit, the value is deducted from the fund, effectively decreasing the value of individual shares.
We hope this provides some insight into the major differences between physical and paper gold. If you have any other questions, please feel free to contact our trading department at (800) 375-9006 or visit www.APMEX.com.
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Market Recap 2/19/10
The mortgage market is showing some positive signs, reported CNNMoney. "We are likely seeing the beginning of the end of the unprecedented wave of mortgage delinquencies and foreclosures that started with the subprime defaults in early 2007, continued with the meltdown of the California and Florida housing markets due to overbuilding and the weak loan underwriting that supported that overbuilding, and culminated with a recession that saw 8.5 million people lose their jobs," said Jay Brinkmann, the Mortgage Banker’s Association’s chief economist.
"Gold prices pared their losses Friday as they shook off the news that the Federal Reserve raised the discount interest rate by a quarter percent to 0.75%," according to TheStreet.com. Also helping gold prices stage a comeback was the news that the core consumer price index fell 0.1% in January easing inflation expectations and worries that the Fed would raise key interest rates sooner than expected. Investors' risk appetite returned as they bought up dollar-backed commodities.
Gold’s usual relationship with the U.S. currency has weakened, as fears over the outlook for paper currencies in general lifted interest in bullion as an alternative asset, according to Reuters. "Investors are buying gold as a hedge against currencies’ volatility," said Carlos Sanchez, a metals analyst with CPM Group. "Gold seems to be consolidating near the $1,130 an ounce area."
The "I Heart APMEX" Video Contest Winners were announced this week. APMEX fans submitted some great videos, earning a large number of views, comments and ratings. "Average Joe" won the Grand Prize of a 1 oz. APMEX Gold Bar. "Chris W." took Second Place and an APMEX Silver Kilo (32.15 ounces) Bar, while "Sean T. and Family" received Third Place and a 10 oz. APMEX Silver Round. Honorable Mentions were awarded to seven entrants who will each receive a 5 oz. Silver APMEX Round, and everyone who entered but didn’t win will be receiving a 1 oz. APMEX Silver Round. We’d like to thank everyone who participated for their hard work and for their business!
Gold:
Spot gold prices opened this week at $1,093.20. The high during the week was on Wednesday, February 17th, at $1,128.10, while the low for the week occurred on Tuesday, February 16th, at $1,091.90. Gold ended the week up $26.60 at $1,119.80. This week, Gold American Eagles, 1 gram .9999 Fine APMEX Gold Bars and Canadian Gold Maple Leafs remained in the forefront of investor’s minds.
Silver:
Spot silver prices opened this week at $15.57. Silver reached a high of $16.52 on Friday, February 19th, while the low for silver occurred on Tuesday, February 16th, at $15.45. Silver ended the week up $0.80 at $16.37. This week, the most popular silver items included Silver American Eagles, 1 oz. APMEX .999 Fine Silver Rounds and Canadian Silver Maple Leafs.
Platinum:
Spot platinum prices opened this week at $1,517.90 and ended the week up $16.20 at $1,534.10. Platinum American Eagles, Canadian Platinum Maple Leafs and 1 oz. Pamp Suisse Platinum Bars were popular with platinum investors this week.
Palladium:
Spot palladium prices opened this week at $418.00 and ended the week up $27.40 at $445.40. Popular palladium products this week included 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 review Gold Sovereign coins.
First minted in 1489 for King Henry VII of England, the Gold Sovereign has become a symbol of the strength and wealth of the British Empire the World over. Production of these classic gold bullion coins continues today. With occasional exceptions, the design of the Gold Sovereign has consistently been the classic St. George Slaying the Dragon sculpted by Benedetto Pistrucci. This gold coin has been the world standard for the consistency and purity of its gold and for the accuracy of its weight for hundreds of years. Each Sovereign contains .2354 ounces of pure gold while the smaller half sovereign contains .1177 ounces of pure gold.
Because of the size of the former British Empire, Gold Sovereign coins have been struck in Great Britain, Canada, Australia, South Africa, India and the Isle of Man. Other countries have struck gold to a standard size and weight that matches this handsome gold coin. In many ways, the Gold Sovereign set the standard for gold world coinage.
Gold Sovereign coins belong in every investor’s portfolio!
"Gold prices pared their losses Friday as they shook off the news that the Federal Reserve raised the discount interest rate by a quarter percent to 0.75%," according to TheStreet.com. Also helping gold prices stage a comeback was the news that the core consumer price index fell 0.1% in January easing inflation expectations and worries that the Fed would raise key interest rates sooner than expected. Investors' risk appetite returned as they bought up dollar-backed commodities.
Gold’s usual relationship with the U.S. currency has weakened, as fears over the outlook for paper currencies in general lifted interest in bullion as an alternative asset, according to Reuters. "Investors are buying gold as a hedge against currencies’ volatility," said Carlos Sanchez, a metals analyst with CPM Group. "Gold seems to be consolidating near the $1,130 an ounce area."
The "I Heart APMEX" Video Contest Winners were announced this week. APMEX fans submitted some great videos, earning a large number of views, comments and ratings. "Average Joe" won the Grand Prize of a 1 oz. APMEX Gold Bar. "Chris W." took Second Place and an APMEX Silver Kilo (32.15 ounces) Bar, while "Sean T. and Family" received Third Place and a 10 oz. APMEX Silver Round. Honorable Mentions were awarded to seven entrants who will each receive a 5 oz. Silver APMEX Round, and everyone who entered but didn’t win will be receiving a 1 oz. APMEX Silver Round. We’d like to thank everyone who participated for their hard work and for their business!
Gold:
Spot gold prices opened this week at $1,093.20. The high during the week was on Wednesday, February 17th, at $1,128.10, while the low for the week occurred on Tuesday, February 16th, at $1,091.90. Gold ended the week up $26.60 at $1,119.80. This week, Gold American Eagles, 1 gram .9999 Fine APMEX Gold Bars and Canadian Gold Maple Leafs remained in the forefront of investor’s minds.
Silver:
Spot silver prices opened this week at $15.57. Silver reached a high of $16.52 on Friday, February 19th, while the low for silver occurred on Tuesday, February 16th, at $15.45. Silver ended the week up $0.80 at $16.37. This week, the most popular silver items included Silver American Eagles, 1 oz. APMEX .999 Fine Silver Rounds and Canadian Silver Maple Leafs.
Platinum:
Spot platinum prices opened this week at $1,517.90 and ended the week up $16.20 at $1,534.10. Platinum American Eagles, Canadian Platinum Maple Leafs and 1 oz. Pamp Suisse Platinum Bars were popular with platinum investors this week.
Palladium:
Spot palladium prices opened this week at $418.00 and ended the week up $27.40 at $445.40. Popular palladium products this week included 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 review Gold Sovereign coins.
First minted in 1489 for King Henry VII of England, the Gold Sovereign has become a symbol of the strength and wealth of the British Empire the World over. Production of these classic gold bullion coins continues today. With occasional exceptions, the design of the Gold Sovereign has consistently been the classic St. George Slaying the Dragon sculpted by Benedetto Pistrucci. This gold coin has been the world standard for the consistency and purity of its gold and for the accuracy of its weight for hundreds of years. Each Sovereign contains .2354 ounces of pure gold while the smaller half sovereign contains .1177 ounces of pure gold.
Because of the size of the former British Empire, Gold Sovereign coins have been struck in Great Britain, Canada, Australia, South Africa, India and the Isle of Man. Other countries have struck gold to a standard size and weight that matches this handsome gold coin. In many ways, the Gold Sovereign set the standard for gold world coinage.
Gold Sovereign coins belong in every investor’s portfolio!
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Market Recap 2/12/10
Stock prices were weak in the U.S. on Friday, after a surprise move by China to restrict bank lending to cool its surging economy. This action by the Chinese government “weighed down many commodity prices,” reported Reuters. Markets were also pressured by weaker-than-expected reads on U.S. consumer sentiment and business inventories, brushing aside a higher-than-forecast figure on January U.S. retail sales, which rose 0.5 percent. Also this week, The Dow Jones Industrial Average closed below 10,000 for the first time since November 2009.
The Wall Street Journal reported this week that, “Federal Reserve Chairman Ben Bernanke will begin laying the groundwork for credit tightening later in the year, bringing to a close a period of historically low interest rates that have made it easier for ailing banks to book big profits.” Market participants also kept a close eye on financial instability in Europe, where issues surrounding the creditworthiness of several countries, particularly Greece, have recently surfaced.
“More than 2 million of the jobs that were erased from the economy over the past two years are probably gone for good,” says MSN Money. Does all of this economic uncertainty bode well for the Precious Metals markets over the next few months? Some analysts, like Scotiabank’s Patricia Mohr, seem to think so as she continues to believe that gold will test the $1,300.00 per ounce price level again.
The “I Heart APMEX” Video Contest remained popular this week and brought in dozens more entries from around the country. APMEX fans have submitted some great videos, garnering a large number of views, comments and ratings. Entrants have a chance to win a 1 oz. APMEX Gold Bar, an APMEX Silver Kilo (32.15 ounces) Bar, a 10 oz. APMEX Silver Round or one of several 1 oz. APMEX Silver Rounds. You have until 11:59PM on this Sunday (February 14th) to submit your entry. Winners will be announced next week.
Gold:
Spot gold prices opened this week at $1,068.00. The high during the week was on Friday, February 12th, at $1,097.80, while the low for the week was $1,061.70 on Monday, February 8th. Gold ended the week up $23.00 at $1,091.00. Extremely popular items this week included Gold American Eagles, 2010 Vancouver Olympic Gold Maple Leafs and 1 oz. .9999 Pamp Suisse Gold Bars.
Silver:
Spot silver prices opened this week at $15.16. Silver reached a high of $15.73 on Thursday, February 11th, while the low for silver occurred on Monday, February 8th, at $14.95. Silver ended the week up $0.32 at $15.48. Silver American Eagles, 1 oz. Silver Buffalo Rounds, 2010 Vancouver Silver Maple Leafs and 5 oz. .999 Sunshine Mint Silver Bars were the focus of silver investors at www.APMEX.com this week.
Platinum:
Spot platinum prices opened this week at $1,474.40 and ended the week up $39.70 at $1,514.10. Some of the most sought after platinum products this week included Platinum American Eagles, Platinum Canadian Maple Leafs and 1 oz. Pamp Suisse .999 Fine Platinum Bars.
Palladium:
Spot palladium prices opened this week at $396.00 and ended the week up $25.10 at $421.10. This week, 1 oz. .999 Fine Pamp Suisse Palladium Bars, 2009 Palladium Canadian Maple Leafs MS-69 NGC and Random Year 1 oz. Palladium Canadian Maple Leafs were popular with palladium investors.
Featured Bullion Product:
Each week, APMEX will review a different bullion product for the benefit of our readers. This week, in honor of the 2010 Olympics in Vancouver, Canada, we take a look at the Canadian Gold Maple Leaf coin.
As the second oldest gold bullion coin, the Canadian Maple Leaf became the alternative to the South African Krugerrand. The Royal Canadian Mint began striking these coins in 1979 and that minting continues through today. These artistic coins are struck in beautiful 24-karat pure gold and each weighs 1 Troy ounce.
On the obverse, or front, of these coins is a depiction of Great Britain’s Queen Elizabeth the Second. The reverse, or back, of this coin depicts the national symbol of Canada – the Maple Leaf. These stunning coins are backed by the Royal Canadian Mint for their purity, content and fineness.
The Royal Canadian Mint also manufactures specially designed coins such as the 2010 Vancouver Olympics Gold and Silver Maple Leaf coins for important historical events. These coins are destined to become collectors’ items as well as retain their bullion value.
APMEX offers a superb selection of Canadian Gold Maple Leaf coins in a variety of dates and special designs as produced by the Mint. Coins purchased in quantities of 25 or more will be delivered in special tubes and quantities of 500 or more coins are shipped in the special Royal Canadian Mint boxes.
The Wall Street Journal reported this week that, “Federal Reserve Chairman Ben Bernanke will begin laying the groundwork for credit tightening later in the year, bringing to a close a period of historically low interest rates that have made it easier for ailing banks to book big profits.” Market participants also kept a close eye on financial instability in Europe, where issues surrounding the creditworthiness of several countries, particularly Greece, have recently surfaced.
“More than 2 million of the jobs that were erased from the economy over the past two years are probably gone for good,” says MSN Money. Does all of this economic uncertainty bode well for the Precious Metals markets over the next few months? Some analysts, like Scotiabank’s Patricia Mohr, seem to think so as she continues to believe that gold will test the $1,300.00 per ounce price level again.
The “I Heart APMEX” Video Contest remained popular this week and brought in dozens more entries from around the country. APMEX fans have submitted some great videos, garnering a large number of views, comments and ratings. Entrants have a chance to win a 1 oz. APMEX Gold Bar, an APMEX Silver Kilo (32.15 ounces) Bar, a 10 oz. APMEX Silver Round or one of several 1 oz. APMEX Silver Rounds. You have until 11:59PM on this Sunday (February 14th) to submit your entry. Winners will be announced next week.
Gold:
Spot gold prices opened this week at $1,068.00. The high during the week was on Friday, February 12th, at $1,097.80, while the low for the week was $1,061.70 on Monday, February 8th. Gold ended the week up $23.00 at $1,091.00. Extremely popular items this week included Gold American Eagles, 2010 Vancouver Olympic Gold Maple Leafs and 1 oz. .9999 Pamp Suisse Gold Bars.
Silver:
Spot silver prices opened this week at $15.16. Silver reached a high of $15.73 on Thursday, February 11th, while the low for silver occurred on Monday, February 8th, at $14.95. Silver ended the week up $0.32 at $15.48. Silver American Eagles, 1 oz. Silver Buffalo Rounds, 2010 Vancouver Silver Maple Leafs and 5 oz. .999 Sunshine Mint Silver Bars were the focus of silver investors at www.APMEX.com this week.
Platinum:
Spot platinum prices opened this week at $1,474.40 and ended the week up $39.70 at $1,514.10. Some of the most sought after platinum products this week included Platinum American Eagles, Platinum Canadian Maple Leafs and 1 oz. Pamp Suisse .999 Fine Platinum Bars.
Palladium:
Spot palladium prices opened this week at $396.00 and ended the week up $25.10 at $421.10. This week, 1 oz. .999 Fine Pamp Suisse Palladium Bars, 2009 Palladium Canadian Maple Leafs MS-69 NGC and Random Year 1 oz. Palladium Canadian Maple Leafs were popular with palladium investors.
Featured Bullion Product:
Each week, APMEX will review a different bullion product for the benefit of our readers. This week, in honor of the 2010 Olympics in Vancouver, Canada, we take a look at the Canadian Gold Maple Leaf coin.
As the second oldest gold bullion coin, the Canadian Maple Leaf became the alternative to the South African Krugerrand. The Royal Canadian Mint began striking these coins in 1979 and that minting continues through today. These artistic coins are struck in beautiful 24-karat pure gold and each weighs 1 Troy ounce.
On the obverse, or front, of these coins is a depiction of Great Britain’s Queen Elizabeth the Second. The reverse, or back, of this coin depicts the national symbol of Canada – the Maple Leaf. These stunning coins are backed by the Royal Canadian Mint for their purity, content and fineness.
The Royal Canadian Mint also manufactures specially designed coins such as the 2010 Vancouver Olympics Gold and Silver Maple Leaf coins for important historical events. These coins are destined to become collectors’ items as well as retain their bullion value.
APMEX offers a superb selection of Canadian Gold Maple Leaf coins in a variety of dates and special designs as produced by the Mint. Coins purchased in quantities of 25 or more will be delivered in special tubes and quantities of 500 or more coins are shipped in the special Royal Canadian Mint boxes.
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Market Recap 2/5/10
The U. S. economy has continued to shed jobs, which has cast doubts over the labor market's strength, according to the Wall Street Journal. United States employers cut 20,000 jobs in January, while December's number of job losses was revised from 85,000 to a drop of 150,000! The jobless rate, calculated using a household survey, fell to 9.7% last month from an unrevised 10% in December.
MSN Money stated Thursday that stocks plunged following the report that showed an unexpected rise in initial jobless claims. This caused the Dow Jones Industrial Index to drop below the 10,000 point mark for a short time. The precious metals market dipped as well, causing APMEX customers to take advantage of low spot prices as they scrambled to add to their gold, silver, platinum and palladium positions. Many customers may have viewed this retrenchment in prices as a short-term buying opportunity as they aggressively purchased all types of precious metal products.
The “I Heart APMEX” Video Contest kicked off this week and brought in dozens of video entries from the U.S. and Canada. APMEX fans rushed to get their entries in, some coming in within hours of the contest’s launch. Entrants are eligible for a chance to win a 1 oz. APMEX Gold Bar, an APMEX Silver Kilo (32.15 ounces) Bar, a 10 oz. APMEX Silver Round or one of several 1 oz. APMEX Silver Rounds. Check out the contest rules and submit your video today! You have until 11:59PM (CST) on Valentine’s Day (February 14th) to submit your entry.
Gold:
Spot gold prices opened this week at $1,081.10. The high during the week was on Wednesday, February 3rd, at $1,125.80, while the low for the week was $1,042.50 and it occurred on Friday, February 5th. Gold ended the week down $13.30 at $1,067.80. This week, the most popular gold items included Gold American Eagles, 1 oz. .9999 APMEX Gold Bars and Gold Canadian Maple Leafs.
Silver:
Spot silver prices opened this week at $16.17. Silver reached a high of $16.95 on Wednesday, February 3rd, while the low for silver occurred on Friday, February 5th, at $14.62. Silver ended the week down $0.97 at $15.20. 2010 Silver American Eagles, 1 oz. Silver Buffalo Rounds and 2010 Silver Canadian Maple Leafs were some of the most popular silver items sold by http://www.apmex.com/.
Platinum:
Spot platinum prices opened this week at $1,507.50 and ended the week down $27.50 at $1,480.00. Some of the most highly sought platinum products this week included 1 oz. Pamp Suisse .999 Fine Platinum Bars, Platinum American Eagles and 1 oz. Scotia Bank .999 Fine Platinum Bars.
Palladium:
Spot palladium prices opened this week at $418.00 and ended the week down $16.70 at $401.30. This week, 10 oz. .999 Fine Pamp Suisse Palladium Bars, 2009 Palladium Canadian Maple Leafs MS-69 NGC and Random Year 1 oz. Palladium Canadian Maple Leafs were popular with palladium investors.
Featured Bullion Product:
Each week, APMEX will review a different bullion product for the benefit of our readers. This week, we look at the Silver Austrian Philharmonic coins.
First minted by the 800-year-old Austrian Mint in 2008, the silver Austrian Philharmonic coin is the first silver bullion coin denominated in Euros, the legal tender of the European Union.
Elegant is the perfect word to describe this lovely and unusual silver bullion coin. These exquisite coins were created as a tribute to the world-renowned Vienna Philharmonic Orchestra, one of the finest musical ensembles in the world.
Almost identical to the popular gold Austrian Philharmonic coins, a harmonious design of musical instruments represents the world famous orchestra on the reverse of this silver coin. The obverse depicts the Great Organ of the Golden Hall in Vienna's concert hall.
APMEX offers silver Austrian Philharmonic coins dated during the current year and in 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.
MSN Money stated Thursday that stocks plunged following the report that showed an unexpected rise in initial jobless claims. This caused the Dow Jones Industrial Index to drop below the 10,000 point mark for a short time. The precious metals market dipped as well, causing APMEX customers to take advantage of low spot prices as they scrambled to add to their gold, silver, platinum and palladium positions. Many customers may have viewed this retrenchment in prices as a short-term buying opportunity as they aggressively purchased all types of precious metal products.
The “I Heart APMEX” Video Contest kicked off this week and brought in dozens of video entries from the U.S. and Canada. APMEX fans rushed to get their entries in, some coming in within hours of the contest’s launch. Entrants are eligible for a chance to win a 1 oz. APMEX Gold Bar, an APMEX Silver Kilo (32.15 ounces) Bar, a 10 oz. APMEX Silver Round or one of several 1 oz. APMEX Silver Rounds. Check out the contest rules and submit your video today! You have until 11:59PM (CST) on Valentine’s Day (February 14th) to submit your entry.
Gold:
Spot gold prices opened this week at $1,081.10. The high during the week was on Wednesday, February 3rd, at $1,125.80, while the low for the week was $1,042.50 and it occurred on Friday, February 5th. Gold ended the week down $13.30 at $1,067.80. This week, the most popular gold items included Gold American Eagles, 1 oz. .9999 APMEX Gold Bars and Gold Canadian Maple Leafs.
Silver:
Spot silver prices opened this week at $16.17. Silver reached a high of $16.95 on Wednesday, February 3rd, while the low for silver occurred on Friday, February 5th, at $14.62. Silver ended the week down $0.97 at $15.20. 2010 Silver American Eagles, 1 oz. Silver Buffalo Rounds and 2010 Silver Canadian Maple Leafs were some of the most popular silver items sold by http://www.apmex.com/.
Platinum:
Spot platinum prices opened this week at $1,507.50 and ended the week down $27.50 at $1,480.00. Some of the most highly sought platinum products this week included 1 oz. Pamp Suisse .999 Fine Platinum Bars, Platinum American Eagles and 1 oz. Scotia Bank .999 Fine Platinum Bars.
Palladium:
Spot palladium prices opened this week at $418.00 and ended the week down $16.70 at $401.30. This week, 10 oz. .999 Fine Pamp Suisse Palladium Bars, 2009 Palladium Canadian Maple Leafs MS-69 NGC and Random Year 1 oz. Palladium Canadian Maple Leafs were popular with palladium investors.
Featured Bullion Product:
Each week, APMEX will review a different bullion product for the benefit of our readers. This week, we look at the Silver Austrian Philharmonic coins.
First minted by the 800-year-old Austrian Mint in 2008, the silver Austrian Philharmonic coin is the first silver bullion coin denominated in Euros, the legal tender of the European Union.
Elegant is the perfect word to describe this lovely and unusual silver bullion coin. These exquisite coins were created as a tribute to the world-renowned Vienna Philharmonic Orchestra, one of the finest musical ensembles in the world.
Almost identical to the popular gold Austrian Philharmonic coins, a harmonious design of musical instruments represents the world famous orchestra on the reverse of this silver coin. The obverse depicts the Great Organ of the Golden Hall in Vienna's concert hall.
APMEX offers silver Austrian Philharmonic coins dated during the current year and in 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.
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