The stock market saw significant losses this week as multiple companies reported fourth-quarter losses for 2009, including earnings bellwether Alcoa. “The aluminum giant posted a narrower loss but missed expectations, sending jitters through the market,” according to MSN Money.
In a report released this week by the U.S. Department of Labor, there were nearly 6.4 unemployed workers, on average, for each available job at the end of November. That number is a record high and it is up from 6.1 unemployed workers per job reported in October. When the recession began in December 2007, there were only 1.7 people without jobs for every opening, according to the Associated Press.
This week, the Fed said demand for loans either continued to decline or weakened further in much of the United States. Also, credit quality was still deteriorating and financial institutions in districts including New York, Philadelphia and Cleveland said loan delinquencies were on the rise.
This week, APMEX received very favorable reviews and high marks on the National Inflation Association’s website (http://inflation.us/), where a number of online precious metals dealers were rated. This unbiased review was launched by the NIA at the request of NIA Members seeking reputable online precious metals dealers.
Since the release of the APMEX “Gold Silver” iPhone application last week, over 6,000 iPhone and iPod Touch users have downloaded and installed the app. Ratings have been high and consumers have been reviewing the app with great positive comments. “This application is cutting edge,” said Mike Garofalo, Vice President of APMEX. “Mobile applications and hand-held computing is the wave of the future. APMEX is positioning itself to be the precious metals leader of the 21st Century.” The APMEX “Gold Silver” app not only provides live precious metal spot prices, but also displays up-to-the-minute BUY and SELL pricing on 40+ of the most popular bullion products at www.APMEX.com.
Gold:
Spot gold prices opened this week at $1,139.00. The high during the week was on Monday, January 11th, at $1,163.00, while the low for the week occurred on Wednesday, January 13th, at $1,118.50. Gold ended the week down $7.50 at $1,131.50. This week, Gold American Eagles, 2009 1/10 oz. Gold Krugerrands and 2009 1/10 oz. Gold Canadian Maple Leafs remain in the forefront of investor’s minds.
Silver:
Spot silver prices opened this week at $18.50. Silver reached a high of $18.85 on Monday, January 11th, while the low for silver occurred on Tuesday, January 12th, at $18.22. Silver ended the week down $0.04 at $18.46. This week, the most popular silver items included 1 oz. Silver American Eagles, 2010 1 oz. Silver Canadian Maple Leafs and 1 oz. APMEX .999 Fine Silver Rounds.
Platinum:
Spot platinum prices opened this week at $1,577.50 and ended the week up $21.60 at $1,599.10. 1 oz. Pamp Suisse Platinum Bars, 1 oz. Credit Suisse Platinum Bars and 1/2 oz. Platinum American Eagles were popular this week.
Palladium:
Spot palladium prices opened this week at $428.00 and ended the week up $22.80 at $450.80. Popular palladium products this week included 1 oz. .999 Fine Pamp Suisse Palladium Bars, 1 oz. Palladium Canadian Maple Leafs and 10 oz. Pamp Suisse Palladium Bars.
Featured Bullion Product:
Each week, APMEX will review a different bullion product for the benefit of our readers. This week, we will look at the Silver Canadian Maple Leaf coin. Silver Maple Leaf coins are some of the world’s most recognizable silver bullion coins. First minted in 1988 and struck every year since, the Silver Canadian Maple Leaf coins contain one troy ounce of pure silver. They are minted in .9999 fine silver, making them one of the purest of all silver dollar-sized coins. These Maple Leaf coins are magnificently designed, with attention to every intricate detail. This has made the Silver Maple Leaf coin highly desirable by investors and collectors alike.
On the obverse, or front, there is a depiction of Great Britain’s Queen Elizabeth II. The reverse, or back, 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.
APMEX offers a superb selection of Silver Canadian Maple Leaf coins in a variety of dates and special designs as produced by the Mint. Current dated coins purchased in quantities of 25 or more will be delivered in special mint tubes and quantities of 500 or more coins are shipped in the special Royal Canadian Mint boxes.
Market Recap 01/08/10
The stock market opened this week with a rally due to manufacturing gains in China and the United States. The market finished the day at its highest level since October 1, 2008, according to MSN Money. While precious metal prices and energy stocks led the way the rally was very broad.
But the market rally was short-lived, as the Labor Department issued a report showing the economy lost 85,000 jobs in December. The number of job losses was higher than expected and rekindled worries about the reality of an economic recovery. The overall unemployment rate was unchanged at 10% and according to David Katz, chief investment officer at Matrix Asset Advisors, “the economy continues to take three steps forward and two steps back.”
In a speech to the American Economic Association in Atlanta, Federal Reserve Chairman Ben Bernanke defended Fed moves during the recession and continued by saying, “the central bank has to be open to increasing interest rates to prevent future bubbles.” Due to this uncertainty, gold ended higher as it snapped a string of five weeks of losses. Nervousness about the possible economic recovery and the possible timing of interest rate increases “boosted the appeal of the metal as an alternative asset,” according to DailyWealth.com.
APMEX is very excited to start the New Year off with the release of its FREE iPhone Application. This new application not only provides live precious metal spot prices, it displays up-to-the-minute BUY and SELL pricing on 40+ of the most popular bullion products at APMEX.com. You can hold all of this information in the palm of your hand, and it comes from one of the most trusted online precious metal dealers in the nation.
Gold:
Spot gold prices opened this week at $1,099.00. The high during the week was on Wednesday, January 6th, at $1,141.00, while the low for the week occurred on Monday, January 4th, at $1,093.80. Gold ended the week up $40.00 at $1,139.00. This week, 1 oz. Gold American Eagles, 2009 1 oz. Gold Buffalo Coins and Random Year 1 oz. Gold Maple Leafs saw significant sales volume.
Silver:
Spot silver prices opened this week at $16.96. Silver reached a high of $18.53 on Friday, January 8th, while the low for silver occurred on Monday, January 4th, at $16.90. Silver ended the week up $1.54 at $18.50. This week, the most popular silver items included 1 oz. Silver American Eagles, 1 oz. APMEX Silver Rounds and 2010 1 oz. Silver Maple Leafs.
Platinum:
Spot platinum prices opened this week at $1,477.20 and ended the week up $105.80 at $1,583.00. 1 oz. Pamp Suisse Platinum Bars, 1 oz. Scotiabank Platinum Bars and ½ oz. Platinum American Eagles were popular with platinum investors this week.
Palladium:
Spot palladium prices opened this week at $409.85 and ended the week up $22.55 at $432.40. Popular palladium products this week included 1 oz. .999 Fine Pamp Suisse Palladium Bars, 1 oz. Palladium Canadian Maple Leafs and 10 oz. Pamp Suisse Palladium Bars.
Featured Bullion Product:
Each week, APMEX will review a different bullion product for the benefit of our readers. This week, we will examine the South African Gold Krugerrand. It was the first gold bullion coin ever struck by any nation. These coins were originally minted in 1967 to help South Africa sell some of its vast gold reserves to investors around the world. The Krugerrand was also the world’s first gold coin that weighed exactly 1 Troy ounce and many worldwide investors purchased them to add a precious metal investment to their portfolios. These beautiful coins are struck in 22-karat gold and weigh just over one ounce. The additional metal is a copper alloy that was used to make the coins harder and more resistant to scratches. They have been minted continuously since 1967.
On the obverse, or front, of these coins is a portrait of Paul Kruger, the last President of the Republic of South Africa. The reverse, or back, of this coin depicts a Springbok Antelope, a beautiful creature that is one of South Africa’s national symbols. The name "Krugerrand" is a combination of Paul Kruger’s name and the word "rand" which is one of the monetary units of South Africa. These attractive coins are backed by the government of South Africa for their purity, content and fineness.
APMEX offers a great selection of South African Krugerrands dated the current year and in several prior years in Brilliant Uncirculated condition. Coins purchased in quantities of 20 or more will be delivered in special tubes.
But the market rally was short-lived, as the Labor Department issued a report showing the economy lost 85,000 jobs in December. The number of job losses was higher than expected and rekindled worries about the reality of an economic recovery. The overall unemployment rate was unchanged at 10% and according to David Katz, chief investment officer at Matrix Asset Advisors, “the economy continues to take three steps forward and two steps back.”
In a speech to the American Economic Association in Atlanta, Federal Reserve Chairman Ben Bernanke defended Fed moves during the recession and continued by saying, “the central bank has to be open to increasing interest rates to prevent future bubbles.” Due to this uncertainty, gold ended higher as it snapped a string of five weeks of losses. Nervousness about the possible economic recovery and the possible timing of interest rate increases “boosted the appeal of the metal as an alternative asset,” according to DailyWealth.com.
APMEX is very excited to start the New Year off with the release of its FREE iPhone Application. This new application not only provides live precious metal spot prices, it displays up-to-the-minute BUY and SELL pricing on 40+ of the most popular bullion products at APMEX.com. You can hold all of this information in the palm of your hand, and it comes from one of the most trusted online precious metal dealers in the nation.
Gold:
Spot gold prices opened this week at $1,099.00. The high during the week was on Wednesday, January 6th, at $1,141.00, while the low for the week occurred on Monday, January 4th, at $1,093.80. Gold ended the week up $40.00 at $1,139.00. This week, 1 oz. Gold American Eagles, 2009 1 oz. Gold Buffalo Coins and Random Year 1 oz. Gold Maple Leafs saw significant sales volume.
Silver:
Spot silver prices opened this week at $16.96. Silver reached a high of $18.53 on Friday, January 8th, while the low for silver occurred on Monday, January 4th, at $16.90. Silver ended the week up $1.54 at $18.50. This week, the most popular silver items included 1 oz. Silver American Eagles, 1 oz. APMEX Silver Rounds and 2010 1 oz. Silver Maple Leafs.
Platinum:
Spot platinum prices opened this week at $1,477.20 and ended the week up $105.80 at $1,583.00. 1 oz. Pamp Suisse Platinum Bars, 1 oz. Scotiabank Platinum Bars and ½ oz. Platinum American Eagles were popular with platinum investors this week.
Palladium:
Spot palladium prices opened this week at $409.85 and ended the week up $22.55 at $432.40. Popular palladium products this week included 1 oz. .999 Fine Pamp Suisse Palladium Bars, 1 oz. Palladium Canadian Maple Leafs and 10 oz. Pamp Suisse Palladium Bars.
Featured Bullion Product:
Each week, APMEX will review a different bullion product for the benefit of our readers. This week, we will examine the South African Gold Krugerrand. It was the first gold bullion coin ever struck by any nation. These coins were originally minted in 1967 to help South Africa sell some of its vast gold reserves to investors around the world. The Krugerrand was also the world’s first gold coin that weighed exactly 1 Troy ounce and many worldwide investors purchased them to add a precious metal investment to their portfolios. These beautiful coins are struck in 22-karat gold and weigh just over one ounce. The additional metal is a copper alloy that was used to make the coins harder and more resistant to scratches. They have been minted continuously since 1967.
On the obverse, or front, of these coins is a portrait of Paul Kruger, the last President of the Republic of South Africa. The reverse, or back, of this coin depicts a Springbok Antelope, a beautiful creature that is one of South Africa’s national symbols. The name "Krugerrand" is a combination of Paul Kruger’s name and the word "rand" which is one of the monetary units of South Africa. These attractive coins are backed by the government of South Africa for their purity, content and fineness.
APMEX offers a great selection of South African Krugerrands dated the current year and in several prior years in Brilliant Uncirculated condition. Coins purchased in quantities of 20 or more will be delivered in special tubes.
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