Market Recap 3/26/10


Stocks climbed this week after the Labor Department declared a drop in first-time jobless claims, as reported by MSN Money. Initial claims fell 14,000 to 442,000 last week, from a slightly revised 456,000 the previous week. Economists had expected claims to have fallen to 450,000 from a previously reported 457,000. Reuters reported that pharmaceutical stocks were driven up this week as a result of landmark legislation to overhaul healthcare.

The New York Times reported that “This year, the Social Security system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016,” according to the Congressional Budget Office.

In international news, Gold prices received renewed interest due to the Greek debt resolution, according to TheStreet.com. While the issue may have been resolved in Greece, Portugal’s debt crisis still looms and many analysts expect the Euro to come under long-term pressure. While the long-term economic situation in a number of countries is grim, this could potentially bode well for investors in precious metals.

This week, APMEX released its new free BlackBerry app, “Gold Silver.” The app was downloaded over 500 times in its first week and received very favorable reviews. If you’re a BlackBerry user, get it here. iPhone users, you can get free iPhone “Gold Silver” app here.

Gold:
Spot gold prices opened this week at $1,108.00. The high during the week was on Friday, March 26th, at $1,111.00, while the low for the week occurred on Wednesday, March 24th, at $1,084.80. Gold ended the week up $1.60 at $1,109.60. This week, Gold American Eagles, Canadian Gold Maple Leafs and 1 oz. Gold Buffalo Coins continued to be popular with investors.

Silver:
Spot silver prices opened this week at $16.92. Silver reached a high of $17.09 on Tuesday, March 23rd, while the low for silver occurred on Wednesday, March 24th, at $16.56. Silver ended the week up $0.03 at $16.95. This week, the fastest-selling silver items included Silver American Eagles, 1 oz. APMEX .999 Fine Silver Rounds and Silver Canadian Maple Leafs.

Platinum:
Spot platinum prices opened this week at $1,609.50 and ended the week down $5.00 at $1,604.50. Platinum American Eagles, 1 oz. Pamp Suisse Platinum Bars and 1 oz. Credit Suisse Platinum Bars were very strong with platinum investors this week.

Palladium:
Spot palladium prices opened this week at $468.00 and ended the week down $7.90 at $460.10. Popular palladium products this week included 1 oz. .999 Fine Pamp Suisse Palladium Bars and 1 oz. .999 Fine Credit Suisse Palladium Bars.

Featured Bullion Product:
Each week, APMEX features a different bullion product for the benefit of our readers. This week’s featured product is Pre-1933 U.S. Gold.

The U.S. Mint issued its first gold coins in 1795. Over the years, U.S. Gold coins have been issued in $1.00, $2.50, $3.00, $4.00, $5.00, $10.00 and $20.00 denominations. These coins were the standard means used for all commercial transactions during that time. Although paper currency was first printed in 1862, it was not popular nor very widely accepted until the early part of the 20th Century. There were many designs in circulation, including the extremely popular Saint-Gaudens style $20 Double Eagles, which were minted from 1907 until 1933. These coins are considered one of the most beautiful coins of all time and they were named after their designer, Augustus Saint-Gaudens.

During the height of the Great Depression, in 1933, in order  to place confidence in the paper currency of the United States, President Franklin D. Roosevelt made it illegal for American citizens to hold any gold coins, with very few exceptions. He ordered all gold coins be returned to the U.S. Treasury, where millions of them were melted into gold bars.  However, many of these beautiful gold coins managed to escape this gold recall, and they survive today as a testament to the beauty and lasting value of gold as a store of wealth.

Today, Pre-1933 U.S. gold coins remain in limited supply and  carry premiums for their rarity. APMEX offers a large selection of both uncertified and certified Pre-1933 U.S. Gold in all conditions.

Pre-1933 U.S. gold coins belong in the portfolio of investors and collectors alike!

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One thought on “Market Recap 3/26/10

  1. I think that gold prices will go up in the next few months. It’s about the more information about cheated China gold i think.

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