Market Recap 9/10/10

The Dow Jones Industrial Average edged up slightly today, ending nearly one-half of one percent higher, as investors regained a bit of optimism about the economy. Although trading was very light, this move continued the progress made over the last two weeks. Some of the optimism in the marketplace can be attributed to the decrease in jobless benefits claims.

The Labor Department announced that initial jobless claims have dropped by 27,000 to 451,000 new claims for the week ending September 4th. The U.S. Dollar fell against most foreign currencies, while the Canadian Dollar touched a three-week high on speculation that their central bank will increase borrowing costs.

The International Monetary Fund (IMF) announced the sale of 10 Metric Tons of gold to the Bangladesh Bank, the central bank of that nation. This sale is part of the 403.3 metric tons approved for sale by the IMF Executive Board. The nations of India, Mauritius, and Sri Lanka have already made purchases from the IMF as part of these 403.3 metric tons. A Senior Trader at the Korea Exchange Bank Futures Company was quoted as saying, “[the transaction] will push gold higher as central bank purchases have traditionally been a major factor fueling the price. Central banks want to diversify their reserves because of the unstable dollar and we may see more buying down the road.”

Further IMF sales and the hope that India’s fall wedding and festival season will inspire a dramatic upswing in consumer purchases of gold jewelry may possibly move gold prices higher due to increased demand.

Gold:
Spot gold prices opened this week at $1,247.20. The high during the week was on Wednesday, September 8th, at $1,264.70, while the low for the week occurred on Friday, September 10th, at $1,237.90. Gold ended the week up $0.80 at $1,248.00. 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.

Silver:
Spot silver prices opened this week at $19.87. Silver reached a high of $20.18 on Wednesday, September 8th, while this week’s low for silver occurred on Tuesday, September 7th, at $19.59. Silver ended the week up $0.05 at $19.92. Popular silver products this week were 2010 Silver American Eagles, 1 oz. Silver Buffalo Rounds, 1 oz. APMEX Silver Rounds, and 1/2 oz. APMEX Silver Rounds.

Platinum:
Spot platinum prices opened this week at $1,554.50 and ended the week down $11.50 at $1,543.00. 1 oz. Pamp Suisse Platinum Bars, 1 oz. Scotiabank Platinum Bars, 1/4 oz. Platinum American Eagles were popular again this week with investors.

Palladium:
Spot palladium prices opened this week at $533.20 and ended the week down $11.30 at $521.90. 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 2011 Silver Canadian Timber Wolf 1 Ounce Coin.

The 2011 1 oz. Silver Canadian Timber Wolf coins have just been released! The Canadian Timber Wolf coin is the first coin released in the Royal Canadian Mint’s 3-year long “Canadian Wildlife Coin Series” program. The second coin is scheduled to be released in March 2011. The Royal Canadian Mint plans to issue 2 coins per year over the 2011 to 2013 period. All of these coins will portray different animals indigenous to Canada.

The obverse of the coin bears Queen Elizabeth II with a $5.00 CAN face value. The reverse has a beautifully designed Canadian Timber Wolf, with the moon and night time mountain side landscape behind this majestic Canadian predator. These coins are all in Brilliant Uncirculated!  Orders of 25 or more come in the original yellow Royal Canadian Mint tubes and orders of 500 come in the original sealed Royal Canadian Mint boxes. There is a fairly limited mintage of these Timber Wolf coins which combine beauty and scarcity into one Troy Ounce of silver.

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Market Recap 7/16/10

Federal Reserve officials downgraded their outlook for the economy and said additional central-bank action could be necessary if the economic outlook “were to worsen appreciably,” according to The Wall Street Journal. Overall, officials said it could take as long as five or six years before the economy returns to a sustainable path of moderate growth and unemployment settles at the 5% level where it rested before the recession began in 2007.

The euro reached a new two-month high against a weaker dollar on Friday as rising European money market rates continued to underpin the currency, reported Reuters. The dollar fell to a seven-month low against the Japanese Yen when a report showing that U.S. consumer sentiment weakened in early July to its lowest in 11 months.

The spot price of gold consolidated Friday as day traders and market speculators were taking profits and reacting to immediate market news about higher than expected Consumer Price Index numbers. This short-term pullback afforded precious metal investors a great opportunity to purchase gold, silver, platinum and palladium at lower price levels before the next rally. According to MarketWatch, “A settlement around $1,190 would be gold’s lowest since mid-May and bring the metal close to the bottom of its recent trading range.”

Gold:
Spot gold prices opened this week at $1,212.60. The high during the week was on Tuesday, July 13th, at $1,218.80, while the low for the week occurred on Friday, July 16th, at $1,185.80. Gold ended the week down $19.40 at $1,193.20. The highest-selling gold items this week were Gold American Eagles, Gold Buffalo Coins and 1 gram Pamp Suisse Gold Bars.

Silver:
Spot silver prices opened this week at $18.17. Silver reached a high of $18.54 on Thursday, July 15th, while this week’s low for silver occurred on Friday, July 16th, at $17.73. Silver ended the week down $0.30 at $17.87. The most popular silver products on APMEX.com this week were Silver American Eagles, Silver Canadian Maple Leafs and 1 oz. Silver Buffalo Rounds.

Platinum:
Spot platinum prices opened this week at $1,533.20 and ended the week down $23.70 at $1,509.50. Platinum investors concentrated their purchases on 1 oz. Pamp Suisse Platinum Bars, Platinum Australian Koalas and Platinum American Eagles this week.

Palladium:
Spot palladium prices opened this week at $462.00 and ended the week down $10.40 at $451.60. 1 oz. Pamp Suisse Palladium Bars and Palladium Canadian Maple Leafs were the most popular palladium products this week on APMEX.com.

Featured Bullion Product:
Each week, APMEX shines a spotlight on a different bullion product to educate our readers. The featured product this week is the Gold Canadian Maple Leaf coin.

As the second oldest gold bullion coin in terms of market longevity, the Canadian Maple Leaf became the alternative to the South African Krugerrand. This was particularly important at that time as South Africa had apartheid considerations that troubled some investors. The Royal Canadian Mint began striking these coins in 1979 and that minting continues through today. These artistic coins are struck in beautiful 24-karat pure gold and each weighs 1 Troy ounce.

On the obverse, or front, of these coins is a depiction of Great Britain’s Queen Elizabeth the Second. The reverse, or back, of this coin depicts the national symbol of Canada – the Maple Leaf. These stunning coins are backed by the Royal Canadian Mint for their purity, content and fineness.

APMEX offers a superb selection of Gold Canadian Maple Leaf coins in a variety of dates, sizes and special designs as produced by the Mint. One ounce coins purchased in quantities of 25 or more will be delivered in special tubes and quantities of 500 or more coins are shipped in the special Royal Canadian Mint boxes.

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Market Recap 7/09/10

The U.S. economy may sleepwalk through the next year, avoiding another recession, but it is struggling to find a growth source strong enough to drive a robust recovery, reported Reuters. Dismal economic data and the ominous possibility of a double-dip recession are at the top of Wall Street’s talking points. However, some money managers are saying this assessment is premature. “The canary in the coal mine is not dead; it’s just sleeping,” said Ethan Harris, chief economist at Bank of America-Merrill Lynch. This recovery fails to measure up to the previous episodes in two important categories – consumer spending and housing.

According to the Department of Labor, initial jobless claims fell another 21,000 to 454,000 last week. Economists polled by Thomson Reuters had expected initial claims to fall to 465,000. The higher than anticipated drop in initial claims was the largest weekly drop since mid-April. High unemployment has been one of the biggest drags on the economy, alongside consumer spending, and the initial claims number is closely monitored as an indicator of the speed of economic recovery, according to TheStreet.com.

Gold rose 1.2% Friday as investors found a renewed appetite for the metal after it traded below $1,200 an ounce for three straight sessions, according to MarketWatch.com. The euro wasn’t able to hold above $1.27 as this week’s rally for riskier assets began to run out of steam, reported the Wall Street Journal.

In more positive news, APMEX announced this week that Michael Haynes, a 30-year veteran of the precious metal and rare coin markets, has been appointed Chief Executive Officer of APMEX. “We are pleased to have Michael Haynes join APMEX as our Chief Executive Officer to both continue and accelerate our growth for the future,” said Founder Scott Thomas. “He brings both public company and private company experience in high growth companies, and we look forward to sharing and benefitting from his vast experience.” Read the complete press release here.

Gold:
Spot gold prices opened this week at $1,212.00. The high during the week was on Tuesday, July 6th, at $1,215.10, while the low for the week occurred on Wednesday, July 7th, at $1,185.00. Gold ended the week up $0.60 at $1,212.60. Gold American Eagles, Gold Canadian Maple Leafs and Gold Buffalo Coins were the most popular gold products this week on APMEX.com.

Silver:
Spot silver prices opened this week at $17.89. Silver reached a high of $18.24 on Friday, July 9th, while this week’s low for silver occurred on Wednesday, July 7th, at $17.57. Silver ended the week up $0.28 at $18.17. The best-selling silver products this week were Silver American Eagles, Silver Canadian Maple Leafs and 1 oz. APMEX Silver Rounds.

Platinum:
Spot platinum prices opened this week at $1,505.80 and ended the week up $27.40 at $1,533.20. The most popular platinum items on APMEX.com this week were Platinum American Eagles, Platinum Australian Koalas and 1 oz. Pamp Suisse Platinum Bars.

Palladium:
Spot palladium prices opened this week at $436.00 and ended the week up $26.00 at $462.00. Palladium investors showed the most interest in 1 oz. Pamp Suisse Palladium Bars and Palladium Canadian Maple Leafs this week.

Featured Bullion Product:
Each week, APMEX shines a spotlight on a different bullion product to educate our readers. This week’s featured product is the Gold Austrian Philharmonic coin.

First minted in 1989, the Gold Austrian Philharmonic coin was the most popular selling gold coin in the entire world during 1992, 1995 and 1996, according to the World Gold Council. Elegant is the perfect word to encompass this lovely and unusual modern bullion coin. These exquisite coins were created as a tribute to the renowned Vienna Philharmonic Orchestra, one of the finest musical ensembles in the world.

A harmonious design of musical instruments represents the world famous orchestra on the reverse of this gold coin. The obverse depicts the Great Organ of the Golden Hall in Vienna’s concert hall. Many collectors and investors consider this to be one of the most beautiful designs of all gold bullion coins. The Austrian Philharmonic coin is struck in .9999 fine gold and is available in 4 common sizes: 1 ounce, 1/2 ounce, 1/4 ounce and 1/10 ounce. There is even a limited-edition 20-ounce Gold Philharmonic coin available in extremely small quantities worldwide.

APMEX offers a great selection of current year Gold Austrian Philharmonic coins, as well as several prior years in brilliant uncirculated condition. Coins purchased in quantities of 10 or more will be delivered in mint tubes, and orders of 500 or more come in sealed mint boxes when available.

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Market Recap 7/02/10

A weak job report in June gave the latest evidence that the economic recovery is slowing, reported The Associated Press. The Labor Department said that employers cut 125,000 jobs last month, the most since October. The majority of lost jobs can be attributed to the end of temporary census jobs. Unemployment decreased to 9.5 percent in June – the lowest level since July 2009. Fading confidence in the economy is evident even among Americans with secure jobs. One gauge of consumer confidence fell in June to about 53, down nearly 10 points in a single month, which is well below the reading of 90 typically seen in a healthy economy.

Analysts predict that the euro, which rallied sharply this week, may extend gains above $1.27 in the near term, according to Reuters. After rising as a result of Europe’s recent debt troubles, the dollar fell this week, along with losses in U.S. stocks and other commodities, sparking speculation that investors’ focus may be shifting from the euro zone crisis to the possibility of a stalled recovery in the U.S. “We are going to see further modest pullbacks in the U.S. dollar, but the euro is going to set the tone,” said Ashraf Laidi, chief market strategist at CMC Markets in London. “We may not be far from reaching a stage of concerted dollar decline because of the potential for the Federal Reserve prolonging (low) interest rates for a longer period of time.”

Gold prices contracted sharply on Thursday as investors opted for cash at the start of the third quarter, according to TheStreet.com. The yellow metal rebounded slightly on Friday as reactive investors bought on the dip. “People are still considering gold as a safe haven,” said Bernard Sin, the head of currency and metal trading at bullion refiner MKS Finance SA in Geneva. “Europe is still not in a good shape, and the U.S. is still not in a good shape.” During both the contraction and rebound of gold prices on Thursday and Friday, APMEX.com saw significantly higher transactions as investors continued to prefer ownership of physical precious metal.

Gold:
Spot gold prices opened this week at $1,256.60. The high during the week was on Monday, June 28th, at $1,263.70, while the low for the week occurred on Friday, July 2nd, at $1,198.80. Gold ended the week down $44.60 at $1,212.00. The best-selling gold products this week were Gold American Eagles, Gold South African Krugerrands and Gold Canadian Maple Leafs.

Silver:
Spot silver prices opened this week at $19.10. Silver reached a high of $19.23 on Monday, June 28th, while this week’s low for silver occurred on Friday, July 2nd, at $17.64. Silver ended the week down $1.21 at $17.89. The most popular silver items on APMEX.com this week were Silver American Eagles, Sunshine Silver Rounds and 1 oz. APMEX Silver Rounds.

Platinum:
Spot platinum prices opened this week at $1,573.40 and ended the week down $67.60 at $1,505.80. Platinum investors showed the most interest in Platinum American Eagles, 1 oz. Credit Suisse Platinum Bars and 1 oz. Pamp Suisse Platinum Bars this week.

Palladium:
Spot palladium prices opened this week at $481.10 and ended the week down $45.10 at $436.00. Palladium Canadian Maple Leafs and 1 oz. Pamp Suisse Palladium Bars were the most popular palladium products this week on APMEX.com.

Featured Bullion Product:
Each week, APMEX shines a spotlight on a different bullion product to educate our readers. This week, we look at the Silver Canadian Maple Leaf coin.

Silver Maple Leaf coins are some of the world’s most recognizable silver bullion coins. First minted in 1988 and struck every year since, the Silver Canadian Maple Leaf coins contain one troy ounce of pure silver. They are minted in .9999 fine silver, making them one of the purest of all silver dollar-sized coins. These Maple Leaf coins are magnificently designed, with attention to every intricate detail. This has made the Silver Maple Leaf coin highly desirable to investors and collectors alike.

On the obverse, or front, there is a depiction of Great Britain’s Queen Elizabeth II. The reverse, or back, depicts the national symbol of Canada – the Maple Leaf. These stunning coins are backed by the Royal Canadian Mint for their purity, content and fineness.

APMEX offers a superb selection of Silver Canadian Maple Leaf coins in a variety of dates and special designs as produced by the Mint. Current dated coins purchased in quantities of 25 or more will be delivered in special mint tubes and quantities of 500 or more coins are shipped in special Royal Canadian Mint boxes.

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Market Recap 6/25/10

Shares of troubled British Petroleum hit a 14-year low Friday as worries about the company’s oil-spill cleanup efforts, and its ability to pay for them, were compounded by worries that the first tropical storm of the Atlantic hurricane season could be headed toward the Gulf of Mexico, reported MSN Money. A storm could hamper BP’s cleanup efforts, and it could impact the other offshore oil rigs in the Gulf, which produce about 30% of U.S. oil and 10% of natural gas. BP said that it has collected about 364,500 barrels of oil since the April 20 explosion on the Deepwater Horizon oil rig, which killed 11 people and caused the biggest oil spill in history.

“The Senate’s failure to pass legislation extending unemployment benefits will slow the pace of the U.S. recovery,” said economist David Resler, chief economist at Nomura Securities International Inc. in New York. “The demise of the bill will trim economic growth this quarter and in the period from July through September, ” estimated Resler. “This will have an immediate impact on the economy in the next few months,” Resler said in an interview with Bloomberg. While “the economy doesn’t have quite as much steam as we previously thought,” he said, “we’ll be able to endure the consequences.”

Gold prices corrected upwards Friday on signs that the U.S. economy is slowing, which prompted another flight to the safety of gold, reported TheStreet.com. Gold prices hovered just under the $1,260 level, after falling back slightly from the new record high of $1,265.50 set earlier in the week. This respite offered investors the opportunity to stock up on gold before the next rally. Many took advantage of the special reduced pricing on 2010 1/2 and 1/4 ounce Gold American Eagles available at APMEX.com.

Gold:
Spot gold prices opened this week at $1,257.30. The high during the week was on Monday, June 21st, at $1,265.50, while the low for the week occurred on Wednesday, June 23rd, at $1,225.20. Gold ended the week down $0.70 at $1,256.60. Gold investors showed the most interest in Gold American Eagles, Gold Canadian Maple Leafs and Gold South African Krugerrands this week.

Silver:
Spot silver prices opened this week at $19.21. Silver reached a high of $19.48 on Monday, June 21st, while this week’s low for silver occurred on Thursday, June 24th, at $18.17. Silver ended the week down $0.11 at $19.10. Silver American Eagles, Silver Canadian Maple Leafs and 1 oz. APMEX Silver Rounds were the most popular silver products on APMEX.com this week.

Platinum:
Spot platinum prices opened this week at $1,595.50 and ended the week down $22.10 at $1,573.40. The best-selling platinum products this week were 1 oz. Pamp Suisse Platinum Bars, 1 oz. Credit Suisse Platinum Bars and Platinum American Eagles.

Palladium:
Spot palladium prices opened this week at $492.50 and ended the week down $11.40 at $481.10. The most popular palladium items on APMEX.com this week were 1 oz. Pamp Suisse Palladium Bars and Palladium Canadian Maple Leafs.

Featured Bullion Product:
Each week, APMEX features a different bullion product for the benefit of our readers. This week, we are examining the Gold American Buffalo coin.

The United States Mint introduced the Gold American Buffalo coin in 2006. The coin’s design is borrowed from the famous Buffalo Nickel created by famed American sculptor, James Earle Fraser. The obverse depicts the iconic Native American Indian Head design, while the reverse features the classic buffalo design with inscriptions of the weight, denomination and gold content.

Gold American Buffalo coins are the first .9999 fine, 24-karat gold coins ever struck by the United States Mint. They are available to investors seeking to invest in a 24-karat gold coin that has its fineness and purity guaranteed by the United States Government.

APMEX offers a great selection of Gold American Buffalo coins dated during the current year and in several prior years in either brilliant uncirculated or proof condition. Uncirculated coins purchased in quantities of 20 or more will be delivered in mint sealed protective plastic sheets.

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