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Weekly Market Recap 07/03/09

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July 5, 2009 by goldguru · Leave a Comment 

Happy Independence Day Everyone! Precious metals traded within a tight range this week, as the Labor Department released data showing Unemployment Rates had risen to their highest levels since August 1993. This information further confirmed that American Consumer confidence is in a continued downward slide. Some experts believe recent optimism and confidence in the markets were premature. Due to the continued release of contradictory information and reports, precious metals remain a steadfast harbor for weary investors.

Late in the week APMEX announced its Summer Inventory Blowout Sale –referred to by happy customers as the “Firecracker Sale”. The sale offers metal investors and numismatic collectors the opportunity to save up to 75% off regular prices on selected items marked with the “Firecracker” icon. Between now and June 9th, visit www.APMEX.com to see the entire selection of sale items throughout the site.

Here is a brief overview of the highs and lows for this shortened holiday week.

Gold:

Spot Gold prices opened this week at $940.70. The high during the week was on Wednesday, July 1st at $947.10, while the low for the week was on Tuesday, June 30th at $922.70. Gold ended the week down a bit at $933.30. This week 1 oz. 2009 Gold American Eagles, 2009 Gold Maple Leafs and 1oz. Pamp Suisse Gold Bars were in high demand at APMEX.com

Silver:

Spot Silver prices opened this week at $14.10. Tight trading pushed spot silver to a high of $14.15 on Tuesday, June 30th, while the low for silver occurred on Thursday, July 2nd, at $13.29. Silver ended the week at $13.44. This week 1oz. 2009 Silver American Eagles, 1oz. Silver Buffalo Rounds and 1oz. APMEX rounds were in high demand.

Platinum:

Spot Platinum prices opened this week at $1208.10, and ended the week at $1189.70. Platinum had a small loss of $18.40 through the week. Investors were eager to purchase Platinum products this week. This week 1oz. Pamp Suisse Platinum Bars, 1oz. 2009 Platinum Maple Leafs and 1 oz. Scotiabank Platinum Bars were in high demand at APMEX.com

Palladium:

Spot Palladium prices opened this week at $247.20, and ended the week at $252.50 with a gain of $5.30. Palladium products continue to be in great demand as well. The most popular of these products this week are; 1oz. Pamp Suisse Palladium Bars, 10 oz. Palladium Pamp Suisse Bars and Random Year 1oz. Palladium Canadian Maple Leafs.

Numismatics:

Problem free coins that are affordably priced, as has been the case for years, are all the rage. This especially holds true for Pre-1933 Gold coins as well as early Type coins. Early copper, particularly in the higher grades has seen tremendous growth and popularity in the last few months. Nearly all third-party graded examples, even coins simply graded “Genuine,” are on everyone’s want lists.

Similarly, early Walking Liberty half dollars are enjoying the same type of hype and popularity as is Early American Copper. Mostly early high grade examples are eagerly sought after with certified examples carrying most of the weight. Key date coins such as the 1921, the 1921-D, and the 1938-D are selling particularly well.
Morgan Silver Dollars continue to steadily rise in price; even common date silver dollars have become more attractive to buyers who are just getting into the hobby. As is the case with most things this week, certified examples are fetching the highest premiums, for both common date and tougher date Morgan Dollars.


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