Market Recap 9/3/10


The Dow Jones Industrial Average had a relatively quiet day as traders prepared for the long Labor Day weekend. The U.S. Markets will be closed on Monday due to the holiday. Mixed results came from the August U.S. nonfarm jobs numbers as reported by the Labor Department. While 54,000 jobs were lost, that was better news than had been expected, so the stock market took that as a positive event. But, to confuse matters, the U.S. Unemployment rate rose 0.1 to 9.6% for August. The U.S. economy has lost jobs over the last three months, but August’s losses were less than had been predicted.

The “less than expected” job losses had a negative impact on gold, with the metal trading slightly lower. But its “cheaper cousin,” silver, was up significantly. Silver was close to a two-year high today and it was buoyed by its “safe-haven and industrial appeals” as reported by MarketWatch.

However, the picture for gold’s longer-term prospects seems very encouraging. According to Nicholas Larkin, writing for Bloomberg in London, “Investors are accumulating enough bullion to fill Switzerland’s vaults twice over as gold’s most-accurate forecasters say the longest rally in at least nine decades has further to go no matter what the economy holds.

Gold:
Spot gold prices opened this week at $1,238.50. The high during the week was on Wednesday, September 1st, at $1,256.60, while the low for the week occurred on Tuesday, August 31st, at $1,233.50. Gold ended the week up $8.70 at $1,247.20. This week, popular gold bullion products were 2010 1 oz. Gold American Eagles, 1 oz. Gold Maple Leafs and 1 oz. APMEX Gold Bars.

Silver:
Spot silver prices opened this week at $19.14. Silver reached a high of $19.98 on Friday, September 3rd, while this week’s low for silver occurred on Tuesday, August 31st, at $18.86. Silver ended the week up $0.73 at $19.87. Popular silver products this week were 2010 Silver American Eagles, 1 oz. Silver Buffalo Rounds and 1 oz. APMEX Silver Rounds.

Platinum:
Spot platinum prices opened this week at $1,537.90 and ended the week up $16.60 at $1,554.50. 1 oz. Pamp Suisse Platinum Bars, 1 oz. Platinum American Eagles and 1/2 oz. Platinum American Eagles were popular again this week with investors.

Palladium:
Spot palladium prices opened this week at $506.10 and ended the week up $27.10 at $533.20. 1 oz. Pamp Suisse Palladium Bars and Palladium Canadian Maple Leafs remain very 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 will review  the Palladium Canadian Maple Leaf coins.

The Palladium Maple Leaf is the first palladium product introduced by the Royal Canadian Mint. While palladium bullion coins are not new to the market, the $50 Canadian Palladium Maple Leaf is the world’s first regularly issued palladium bullion coin.

Struck .9995 fine,  each coin bears the familiar standard Maple Leaf reverse design, giving this lustrous coin both investor and numismatic value. These Maple Leaf coins are only struck in a One Troy Ounce size. During the testing process for the Palladium coin, coins were tested on two different Palladium blanks. These blanks had been identified as Lot “A” and Lot “B”. From these blanks, 290 test coins were struck. They were struck with a mintmark to attest to their authenticity. All of the test coins struck from Lot A were identified with an “A” mintmark, and all test coins struck from Lot B were given a “B” mintmark. These coins were available for purchase through a draw held by the Royal Canadian Mint.

With today’s attractive spot price, it’s time to consider adding some Palladium Canadian Maple Leaf coins to your investment holdings.

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