The Dow Jones Industrial Average ended on a relatively quiet note today amid a sea of disappointing economic news. The Consumer Price Index (CPI) rose for the second consecutive month although the underlying inflation rate was unchanged. The CPI rose 0.3%, due, in part, to higher gasoline and food prices. The underlying inflation rate remained unchanged.
The Census Bureau reported this week that the percentage of Americans living below the poverty line in 2009 was the highest it has been in 15 years. This means that better than 1 in 7 Americans lives in poverty and that number could have been higher were it not for extended unemployment insurance or other forms of public assistance.
Gold Prices had a spectacular week as they marched towards the magical $1,300.00 per ounce plateau. Gold created new highs on Wednesday and Friday, recording a new all-time high of $1,283.60. Accelerating gold’s rise were inflation fears, a global economy that has fallen flat and the distinct possibility that the Federal Reserve may consider another round of “quantitative easing.” Silver broke through the $21.00 benchmark during the week as well.
Spot gold prices opened this week at $1,248.00. The high during the week was on Friday, September 17th, at $1,283.60, while the low for the week occurred on Monday, September 13th, at $1,242.30. Gold ended the week up $27.70 at $1,275.70. This week, popular gold bullion products were 2010 1 oz. Gold American Eagles, 2010 1/10 oz. Gold American Eagles, 2010 1 oz. Gold Buffalos and 1 oz. Pamp Suisse .9999 fine Gold Bars.
Spot silver prices opened this week at $19.92. Silver reached a high of $21.03 on Friday, September 17th, while this week’s low for silver occurred on Monday, September 13th, at $19.82. Silver ended the week up $0.88 at $20.80. Popular silver products this week were 2010 1 oz. Silver American Eagles, 2010 1 oz. Silver Canadian Maple Leafs, 1 oz. Sunshine Minting Silver Rounds, and 1/2 oz. Sunshine Minting Silver Rounds.
Spot platinum prices opened this week at $1,543.00 and ended the week up $77.00 at $1,620.00. 1 oz. Platinum Maple Leafs, 1 oz. Platinum American Eagles, 1 oz. Pamp Suisse Platinum Bars, were popular again this week with investors.
Spot palladium prices opened this week at $521.90 and ended the week up $23.10 at $545.00. 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 Chinese Gold Panda coins.
The Chinese Gold Panda coins are bullion coins that have been minted by the People’s Republic of China. The Chinese Mint began issuing these coins in 1982. The design of the Panda changes every year and these beautiful coins come in different sizes and denominations, ranging from 1/20 troy ounce to 1 troy ounce.
The obverse designs of the standard China Panda Gold and Silver coins depict the image of the Hall of Prayer for Good Harvest of the Temple of Heaven in Beijing— one of the most famous buildings in all of Chinese architecture.
The reverse designs depict the Panda—China’s rare and well-known animal—as the main motif. Pandas are loved worldwide for their distinctive coloring, natural and unstrained appearance, meek temperament and innocence. The beauty of these coins make them a favorite among investors and collectors alike.