Weekly Recap 6.17.11

On Monday, investors were jittery about Friday’s big selloff, and they cashed out their Gold holdings to cover losses in other markets.  Ratings agency S&P cut Greece’s government debt, indicating a strong possibility of a default.  Pimco’s Bill Gross said Monday that the U.S. is financially worse off than Greece and other European debt-laden countries. Mr. Gross makes the point that although the current focus is on the $14.3 trillion dollar debt, when the future costs of Medicare, Medicaid and Social Security are considered, the total is more than $100 trillion dollars.

On Tuesday, investors went bargain shopping and markets lifted off support from a few days earlier. The People’s Bank of China announced a rate hike indicating that they are making efforts to curb China’s rapidly inflating economy.  Fed Chairman Ben Bernanke said, “History makes clear that failure to put our fiscal house in order will erode the vitality of our economy, reduce the standard of living in the United States and increase the risk of economic and financial instability.”

Wednesday brought news of massive strikes and protests in Greece.  Images of riot police clashing with civilians made investors leery and sparked a selloff in the Euro.  Nervousness brought on by the situation in Greece caused a 164-point drop in the Dow.  CPI data indicated inflation in the U.S. and added fuel to the fire.

On Thursday the Euro continued its slide on the back of more chaos in Greece.  The jobs report released on Thursday added some support to U.S. markets but most attention was still focused on Greece.  Jobless claims fell last week to 414,000 claims; this fall in jobless claims was 6,000 more claims than expected. The moving average is still well above 400,000 claims and the June figures are not expected to look much different than the dismal May figures. The unemployment future still appears cloudy.

Germany and France announced Friday morning that they were united on a bailout plan to prevent a Greek default and this buoyed the U.S. equities markets. Continued protests however, indicate a lack of will in the Greek populace to make necessary sacrifices.  According to recent data from Case-Shiller, the current U.S. housing crisis could be worse than the Great Depression. Prices have fallen 33% since the collapse began which is greater than the 31% fall during the Great Depression. This Case-Shiller data is arriving when this QE2 is ending and the Federal Reserve must decide if the U.S. economy is able to stabilize.

Gold:
Spot Gold prices opened this week at $1,530.10. The high during the week was on Friday, June 17th at $1,543.00, while the low for the week occurred on Monday, June 13th at $1,511.40. Gold ended the week up $10.20 at $1,540.30. This week, the most popular Gold bullion products were 2011 Gold American Eagles, 1 oz. Pamp Suisse Gold Bars, and 2011 1 oz. Gold Maple Leafs.

Silver:
Spot Silver prices opened this week at $36.29. Silver reached a high of $36.53 on Monday, June 13th while this week’s low for Silver occurred on Tuesday, June 14th at $34.40. Silver ended the week down $0.30 at $35.99. The most popular Silver products on APMEX.com this week were 2011 Silver American Eagles, 2011 Silver Maple Leafs, 1 oz. Silver Buffalo Rounds and 10 oz. APMEX Silver Bars.

Platinum:
Spot Platinum prices opened this week at $1829.10 and ended the week down $70.10 at $1,759.00. Popular Platinum products this week included, 1 oz. Platinum Bars, 1/10 oz. Platinum American Eagles, and 1 oz. Platinum American Eagles.

Palladium:
Spot Palladium prices opened this week at $814.80 and ended the week down $66.80 at $748.00. Palladium investors preferred 1 oz. Pamp Suisse Palladium Bars and Palladium Canadian Maple Leafs this week at APMEX.com.

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The Austrian 100 Corona Gold Coins are some of the most interesting coins in the world because of their history. For example, the Austrian 100 Corona Gold Coins were among some of the first gold bullion coins available upon the enactment of an executive order on December 31, 1974, that re-entitled Americans to own gold bullion. In addition to their availability at the time of the 1974 order, the Austrian Corona Gold Coins are also fascinating because they are restrikes, which are official reproductions of coins that were originally minted for circulation. Issued from 1908 to 1914, the Austrian 100 Gold Coins first featured their date of issue. After the death of the Austrian Emperor Franz Joseph however, the gold coins were only produced as commemorative pieces and were dated 1915.

 Minted in Vienna Austria, the Austrian 100 Corona Gold Coin is .900 fine gold (21.6 karat gold) and contains 0.9802 troy ounces of gold. Designed by Stephan Schwartz, the Austrian 100 Corona Gold Coin pays tribute to Austrian nationalism and pride. The obverse of the Austrian Corona Gold Coin displays a portrait of the Austrian Emperor Franz Joseph I, who ruled from 1848 to 1916. The reverse features the Austrian Coat of Arms symbol, depicting a double eagle and a crown. Moreover, the edges of the Austrian 100 Corona Gold Coins include the lettering Vnitus Viribvs, which means “the unified strength,” a well-known motto attributed to Franz Joseph I. No longer minted, the Austrian 100 Corona Gold Coins are some of the lowest-premium gold bullion coins available on the world coin market. Appealing to both collectors and investors alike, the Austrian 100 Corona Gold Coins have begun to attract attention for both their unique history and low-premium gold status.

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