The week started with Silver reaching a fresh 31-year high, over $38/oz. Who knew it would be a sign of things to come? The theme with precious metals this week was new highs. Silver hit first on Monday, thanks in part to the looming U.S. government shutdown, inflation fears (oil rose over $108), a weakening U.S. dollar, and the geopolitical situation in North Africa and the Middle East.
APMEX CEO Michael Haynes appeared on CNBC to talk about the importance of precious metals in your portfolio. He was also introducing our new mobile platform, mobile.apmex.com, which is available on your Android-powered smartphone, Blackberry, or iPhone. China raised their interest rates Tuesday in another effort to combat inflation, something the European Central Bank echoed later in the week. Ben Bernanke continued to downplay inflation, which seemed to increase inflation fears. Radioactive fish were discovered near the Japanese nuclear power plant that continues to have issues, creating fears of radioactive food imports in other countries. These issues drove Gold to a record high (over $1,450/oz.) and Silver to a new 31-year high (over $39/oz.) early in the week.
Matthew West of CNBC pieced together a great article on Gold, explaining the bullish sentiment towards precious metals, as well as why Gold as a hedge is here to stay. The radioactive water leak in Japan was plugged Wednesday, but many tons of contaminated water was being pumped back into the ocean due to a lack of storage space at the facility. The conflict in Libya hit a bump as the Libyan rebels were unhappy with NATO support. There were also possible mistakes made by NATO strikes that hit rebels instead of Moammar Gaddafi’s forces. Gold and Silver closed at new highs yet again, with Gold crossing the $1,460/oz. mark and Silver inching closer to $40/oz. by midweek.
After Moody’s downgraded Portugal’s debt rating Wednesday, reports surfaced that against their best efforts, they will end up requesting a bailout before June. This didn’t come as much of a surprise to investors, as seen by precious metals hardly reacting to the news. The ECB officially raised interest rates by 25 basis points, acting as fresh fuel to the fire of inflation fears. A 7.4-magnitude aftershock rocked Japan, hampering production across the country thanks to power outages. On Thursday, Gold closed lower than Wednesday, however it did hit an intraday record high at $1,466.50. Silver closed at a fresh 31-year high as well.
Friday started with news that Euro-zone finance ministers will hold Portugal to a harder reform to receive a bailout. The U.S. government shutdown deadline is here, and there seems to be no hope in sight to avoid it. Some 800,000 federal workers will be furloughed. The impending shutdown seems to have investors flocking to the safe haven appeal of precious metals, as Gold and Silver were already at new highs in early morning trading. Gold topped $1,470/oz., while Silver strongly broke through the $40/oz. ceiling.
Spot Gold prices opened this week at $1,429.20. The high during the week was on Friday, April 8th, at $1,476.40, while the low for the week occurred on Monday, April 4th, at $1,429.10. Gold ended the week up $47.20 at $1,476.40. 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.
Spot Silver prices opened this week at $37.91. Silver reached a high of $41.03 on Friday, April 8th, while this week’s low for Silver occurred on Monday, April 4th, at $37.81. Silver ended the week up $3.09 at $41.00. 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.
Spot Platinum prices opened this week at $1,768.50 and ended the week up $48.00 at $1,816.50. Popular Platinum products this week included, 1 oz. Pamp Suisse Platinum Bars, 1/10 oz. Platinum American Eagles, and 1 oz. Platinum American Eagles.
Spot Palladium prices opened this week at $775.50 and ended the week up $21.00 at $769.50. Palladium investors preferred 1 oz. Pamp Suisse Palladium Bars and Palladium Canadian Maple Leafs this week at APMEX.com.
Featured Bullion Product:
Each week, APMEX will review a different bullion product for the benefit of our readers. This week, we will review the Austrian Silver Philharmonic bullion coins.
One of the most beautiful Silver coins on the market, the Austrian Silver Philharmonic has begun to attract attention from collectors and investors all over the world. Minted by the Austrian Mint in Vienna, the Austrian Silver Philharmonic coins are .999 pure Silver and are the first Silver bullion coins denominated in Euros. While the Austrian Silver Philharmonics are Silver bullion coins that can serve as investment opportunities, they are also striking additions to any coin collection.
The Silver Austrian Philharmonic coin features the same design as the Gold Vienna Philharmonic, Europe’s leading Gold bullion coin. Like the Gold Philharmonic, the Silver Philharmonic pays tribute to one of Vienna’s most iconic symbols: the Vienna Philharmonic Orchestra. Housed in Vienna’s Golden Hall, the Philharmonic Orchestra is considered one of the finest orchestras in the world. In honor of this prestigious orchestra, the Philharmonic coin’s design features a theme based on Vienna’s musical heritage. The obverse of the Silver Philharmonic coin displays the Great Pipe Organ in Vienna’s Golden Hall. The reverse depicts a medley of selected instruments from the world-famous orchestra. Through these designs, the Silver Philharmonic allows you to commemorate the mastery of classical music in Vienna.
If you are looking to purchase the stunning Austrian Silver Philharmonic coins, shop APMEX’s wide selection of Silver Philharmonics. APMEX makes it easy to buy Silver by offering competitive Silver prices on all Silver products and a Satisfaction Guarantee.