Weekly Recap 7.8.11

Debt Ceiling, Default, Aug. 2, Gold, Gold Prices, Buy Gold, Precious Metals

Some big gains for Gold and Silver occurred this week even though this trading week was abbreviated.  Gold spot prices went up $62.00 per ounce for a gain of 4%; Silver spot prices ended up $3.00 per ounce increase for a gain of 8%.

Sovereign debt worries around the globe continue to be the dominant news story this week.  Tuesday brought a downgrade of Portugal’s debt to a junk rating by Moody’s.  Moody’s was the first ratings agency to move Portugal’s debt to less than investment grade. Reflecting the sentiment that the euro zone is nowhere near the end of the crisis, Robert Tipp of Prudential Fixed Income said, “[Portugal’s] ratings downgrade reminds markets that it’s not just Greece with debt issues. Once Greece gets wrapped up, you move on to the next country.  …[T]hat will be the shape of things to come over the next year or two…”  The value of the euro tumbled on the news of the downgrade.

President Obama joined with House Speaker John Boehner, insisting that negotiators resist the temptation to “kick the can down the road” and settle for a makeshift, short-term solution to stave off a first-ever U.S. default on August 2. The administration and congressional leaders are going to take this opportunity to focus on a long-term budget plan to raise the debt limit.

The jobs picture looked positive all week, up until Friday.  The ADP employment report was released on Thursday, and indicated the private sector created 157,000 new jobs in the month of June.  This was a big surprise to the upside, as most economists predicted a more moderate number.  However, the nonfarm payroll report (which include private sector jobs, as well as government jobs), released on Friday, indicated that the net number of jobs created in June was only 18,000.  The public sector lost 39,000 jobs in June, indicating that government spending cuts are having a sizable impact on the employment picture.

PRECIOUS METAL SPOT PRICES

Gold:
Spot Gold prices opened this week at $1,483.60. The high during the week was on Friday, July 8th at $1,546.00, while the low for the week occurred on Tuesday, July 5th at $1,486.20. Gold ended the week up $62.00 at $1,545.60. 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 $33.75. Silver reached a high of $36.90 on Friday, July 8th ,  while this week’s low for Silver occurred on Tuesday, July 5th $33.80. Silver ended the week up $3.00 at $36.75. 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 $1717.90 and ended the week up $21.30 at $1,739.20. 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 $762.00 and ended the week up $19.90 at $781.90. Palladium investors preferred 1 oz. Pamp Suisse Palladium Bars and Palladium Canadian Maple Leafs this week at APMEX.com.

FEATURED PRODUCT OF THE WEEK

   Gold  1 oz. Chinese Pandas

Gold coin, buy gold, gold prices, gold, Chinese pandas, Gold pandas

The 1 ounce Gold Chinese Panda coin is the gem of the Chinese bullion program.  The Gold Chinese Panda has been minted since 1982 and is considered one of the world’s most beautiful bullion coins.  These coins may bear (no pun intended) a mintmark of S or Y.  The S mintmark designates the coin was minted at the Shanghai Mint, while a Y mark denotes Shenyang as the coin’s origin.  In an effort to maintain public interest in the Pandas, the Chinese change the obverse design each year (excluding 2002).  Fortunately for the artists and customers alike, the Panda is a majestic and easily identifiable creature.

As worldwide demand for the Gold Panda grows, counterfeiting has become an issue.  Interested investors should always purchase Chinese Gold Pandas from a reputable dealer (like APMEX) to ensure quality and authenticity.

Keep up with APMEX news throughout the week by subscribing to the APMEX Commentaries via RSS feed.

Share

Weekly Recap 7.1.11

Gold, Silver, Buy Gold, Gold Prices, Silver Prices, APMEX

Happy Independence Day, America!

As U.S. Independence day approaches, the American debt crisis is becoming the main focus of the news. The attention on the European Union’s problem was lessened due to recent developments in Greece making a bailout seem more likely. Greece and the euro zone crisis has not resolved, but the shift in focus probably reflects a sentiment that the American debt crisis is more imminent. 

The week started with the bipartisan meetings on debt ceiling already fractured after republicans walked out on Friday, citing disagreement over tax increases.  On Monday, President Obama met with leaders from both parties individually in an attempt to restart talks.  The deadline to pass an agreement to lift the debt ceiling is August 2, at which time the U.S. would have a bond payment due without the means to pay it.  This would result in default, which most analysts agree, would push the U.S. back into a recession.  Standard & Poor’s, a ratings agency, said they will lower the rating on U.S. debt to “D,” the lowest possible, if an agreement to raise the debt ceiling isn’t reached in time.

Things didn’t look much better for the U.S. on Tuesday.  Republicans and Democrats became further entrenched in their respective camps.  Things were on the upswing for Greece however, as France and Germany pushed for a “Plan B” for Greek debt in an effort to prolong a default and allow themselves as long as possible to prepare for it.  A default still looks inevitable. Also, the IMF got a new chief, Christine Lagarde.  This announcement follows the arrest in New York of Dominique Strauss-Kahn, former head of the IMF.

Greece’s parliament passed new austerity measures on Wednesday. This move was demanded by EU members and by the IMF in exchange for another round of bailout aid.  Some experts remain skeptical of the final outcome, and hold the view that a default is still inevitable.

QE2 officially ended on Thursday.  The weekly jobless numbers were released and the report showed an extremely slight improvement in the unemployment situation; the data only showed a decrease of 1,000 unemployed workers.  Also on Thursday, protests sprang up in Egypt.  Thousands of people, mostly youths, took to the streets of Cairo, were frustrated at the slow pace of court cases against top officials of the previous regime.

The Institute for Supply Management released data on Friday showing an increase in manufacturing productions, easing fears of a double dip recession.  The stock market had a strong positive response with major indexes posting impressive three percent gains for the week.  The dollar also strengthened which brought the price of metals down somewhat.

Gold:
Spot Gold prices opened this week at $1,501.40. The high during the week was on Thursday, June 30th  at $1,514.80, while the low for the week occurred on Friday, July 1st at $1,478.30. Gold ended the week down $13.70 at $1,487.70. 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 $34.43. Silver reached a high of $35.16 on Thursday, June 30th while this week’s low for Silver occurred on Monday, June 27th at $33.38. Silver ended the week down $0.50 at $33.93. 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 $1,678.40 and ended the week up $42.10 at $1,720.50. 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 $734.30 and ended the week up $27.70 at $762.00. Palladium investors preferred 1 oz. Pamp Suisse Palladium Bars and Palladium Canadian Maple Leafs this week at APMEX.com.

 

Featured Product of the Week:    1 Ounce Silver Britannia Coins

Silver, Buy Silver, Silver Bullion, Silver Coins, Gold, Britannia

In 1997, the Royal Mint produced one-ounce Silver Britannia coins issued only as proofs with a mintage of 20,000. Created to appeal to both collectors and investors alike, the design of the Silver Britannia coin pays tribute to British nationalism and pride.

The obverse of the 1997 issue of the silver coin features the “Third Portrait” used on British decimal bullion coins dated from 1985 to 1997. In 1998, the obverse design of the Silver Britannia coin changed to depict the “Fourth Portrait,” a more mature likeness of Queen Elizabeth II. The reverse of the Silver Britannia coin illustrates the Standing Britannia, which appears in a horse-drawn chariot and resembles the Roman figure Boudica. The Standing Britannia image was originally engraved by G.W. De Saulles and used on the Gold Britannia coins for most of the issues following 1987. The Royal Mint seems to have settled on a pattern of alternating the classic Standing Britannia image and a special design on the reverse of the Silver bullion coins.

The Silver Britannia coins are also popular for their Silver value. With a face value of two pounds, the Silver bullion coins are .958 fine Silver, as opposed to the standard British sterling of .925 fine Silver. APMEX sells Silver Britannia coins in uncirculated and proof. APMEX makes it easy to buy the Silver Britannia coins of your choice by offering a wide selection of Silver Britannias and competitive Silver prices on all Silver bullion coins.

Share

Market Recap 6/10/11

Sovereign debt trouble in the U.S. and Europe were the running theme this week. The U.S. experienced a hangover from last Friday’s disappointing economic news.  On Monday, Jim McCaughan, CEO of Principal Global Investors, said that the U.S. might be recovering from their financial collapse of 2008, but Europe has not seen theirs yetIn Portugal, Prime Minister Jose Socrates was soundly defeated in weekend elections by the opposition party, led by Pedro Passos Coelho. Portugal’s parliament had already blocked austerity measures proposed by Prime Minister Socrates for being too severe. Now Portugal has a new party to lead them through a difficult future.

On the heels of the U.S. dollar falling to a one-month low,  Ben Bernanke, the Federal Reserve Chairman, answered questions at his press conference on Tuesday.  “Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established,” he said. After the press conference, both metals and stocks lost ground that was gained early in the day.  President Obama met with German Chancellor Angela Merkel and spoke out against rumors of a double-dip recession.

Wednesday brought about an important meeting which was touted as “…one of the worst meetings OPEC has ever had.”  The point was to bring production up, but this dissolved quickly.  Oil prices soared on the news.  In other news from the Middle East, Muammar Gaddafi’s reign in Libya is expected to come to an end.  NATO’s chief is appealing to the UN to help Libya transition to a democratic state.  NATO’s airstrikes are still in placeIn Syria, a number of civilians were killed in clashes between demonstrators and the government’s security forces.  The  situation in Yemen was similar as protestors rallied at the Capitol of Sanna.

The weekly jobless claims report in the U.S. was expected to show a modest dip of around 7,000 claims; however, it ended up swelling by 1,000 claims.  The stock market broke its six-day losing streak on Thursday but lost momentum, closing well off the day’s earlier highs.  The European Central Bank (ECB) met Thursday, and kept interest rates the same, as expected, but indications are that there will be a rate hike in July.  Estimates of a new bailout package for Greece now top 120 billion euros.

Mario Blejer, an Argentine economist wrote an article for Marketwatch titled “Why a Greek Default is Inevitable.”  It explains how the European Central Bank is making the Greek dilemma worse and there is no alternate ending available for Greece.  When that occurs, will it push other debt-troubled countries closer to default, such as Portugal and Ireland, who hold some of Greece’s debt?

Gold:
Spot Gold prices opened this week at $1,543.00. The high during the week was on Monday, June 6th at $1,555.00, while the low for the week occurred on Friday, June 10th at $1,526.70. Gold ended the week down $11.00 at $1,532.00. 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 $36.22. Silver reached a high of $37.86 on Friday, June 10th while this week’s low for Silver occurred on Wednesday, June 8th at $36.07. Silver ended the week up $0.02 at $36.24. 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 $1,817.40 and ended the week up $1.70 at $1,819.10. 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 $785.30 and ended the week up $24.50 at $809.80. Palladium investors preferred 1 oz. Pamp Suisse Palladium Bars and Palladium Canadian Maple Leafs this week at APMEX.com.

Featured Bullion Product: Australian Lunar Coins – Series 2

The most important of the traditional Chinese holidays, the Chinese New Year, also known as the Chinese Lunar New Year, is a much-celebrated event in China and in countries all around the world. Beginning on the first day of the first month of the traditional Chinese calendar, the festival of the New Year is a centuries-old celebration which includes red decorations, presents, food, clothing and corporate family preparations for luck and good fortune in the upcoming year.  2011 is the Year of the Rabbit in the traditional Chinese calendar. According to Chinese tradition, the Year of the Rabbit will be a welcome change after the Year of the fierce Tiger in 2010. The Rabbit, an emblem of longevity in Chinese mythology, represents grace and kindness and will usher in a period of peacefulness and wise counsel in 2011.

In order to celebrate the Chinese Lunar New Year, APMEX offers Year of the Rabbit Lunar Coins which commemorate this event in the Chinese calendar. The Lunar Coins are a great addition to any coin collection since the theme of the coin’s design draws its inspiration from China’s ancient Lunar Calendar. The stories indicate the twelve calendar animals have profound influence over those born under their ‘rule.’ Offered in both Gold and Silver, the Year of the Rabbit Lunar Coins commemorate the Rabbit’s place in the lunar calendar.   

Share

Market Recap 6/3/2011

Another week, another disappointing jobs report. The ADP private sector jobs report showed just 38,000 new private sector jobs in May whereas it was fully expected to be up by 175,000 new private sector jobs. The futures market opened low today as investors and analysts awaited this report. After the report was released, the futures market fell even further. When will economists stop being caught off-guard by low numbers? Some suggest they are in denial that the economic recovery is slowing down.  Fears of a double-dip recession seemed to hang on today’s nonfarm payrolls report. To put the report in perspective, April numbers showed an increase of 244,000 jobs. Analysts predicted May numbers would be approximately 125,000 jobs. The increase was actually just 54,000 (a nine-month low.) The unemployment rate sits at 9.1%. Stock futures tumbled along with the U.S. dollar index and gold recovered from early-morning losses.

Earlier in the week, there were hopes that Greece would finally be getting the economic help it needs to sustain itself. However, Moody’s has cut Greece’s credit rating by three notches, which drops the score into an extremely speculative phase. This news infers that the payoff of Greek debt is no longer based on funds and paybacks of loans, but speculation. The outlook is quite negative. Greece’s Finance Ministry disputes the credit rating cut and claims the government’s attempts to gain traction has not been taken into consideration, “[The downgrade] is influenced by intense rumour in the media and overlooks the Greek government’s pledges to achieve its fiscal targets for 2011 and to accelerate privatizations.”

News has circulated about a crisis in Yemen but most people have ignored the signs since the small country seems irrelevant to the bigger picture. Is this an accurate opinion? The Yemen situation is so dire that it may take years to recover. How is this relevant? The small country is in financial trauma and it needs restructuring as well as stronger leadership. The domestic oil supply and electricity was cut off by hostile tribes because of the crisis and resulting chaos. Food and water are becoming scarce. At times like these when food and water have become scarce, people are desperate for someone to take control and bring peace. Who desires to assist an oil-rich company?

A  Marketwatch financial analyst announced that, at the moment, gold is the choice that makes the most sense for investors. He explained,”Polls show that while most Americans see the need for the federal budget deficit to be cut, the majority of citizens are not prepared for cuts in Medicare and other entitlements that are necessary to materially reduce it. …And then there is the historical side of it: No fiat currency has ever survived.”

WEEKLY GOLD PRICES
Spot Gold prices opened this week at $1,538.10. The high during the week was onWednesday,June 1st, at $1,551.60, while the low for the week occurred on Thursday, June 2nd, at $1,520.40. Gold ended the week up $6.00 at $1,544.10. 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.

WEEKLY SILVER PRICES
Spot Silver prices opened this week at $38.12. Silver reached a high of $38.77 on Tuesday, May 31st, while this week’s low for Silver occurred on Friday, June 3rd, at $35.07. Silver ended the week down $1.74 at $36.38. 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.

WEEKLY PLATINUM PRICES
Spot Platinum prices opened this week at $1,806.10 and ended the week up $11.30 at $1,817.40. Popular Platinum products this week included, 1 oz. Platinum Bars, 1/10 oz. Platinum American Eagles, and 1 oz. Platinum American Eagles.

WEEKLY PALLADIUM PRICES
Spot Palladium prices opened this week at $764.50 and ended the week up $20.80 at $785.30. Palladium investors preferred 1 oz. Pamp Suisse Palladium Bars and Palladium Canadian Maple Leafs this week at APMEX.com.

Featured Product of the Week:  2011 1 oz. Silver American Eagle

 2011 brought with it a newly designed Silver American Eagle. This current date of the Silver Eagle will only add to the coin’s legacy as the most popular Silver bullion coin in the world. Another interesting tidbit about the 2011 Silver American Eagle is the minting location. 2011 is the first year Silver Eagles have been minted at the San Francisco Mint since 1998. 

The U.S. Mint began minting the Silver American Eagle (SAE) in 1986.  The 26 years of mintage have produced over 225 million SAEs.  Since 2000, demand for these coins has exploded.  These 2011 coins trade at premiums close to common-date Silver American Eagles, which makes their current date a bonus of sorts.  The 2011 SAE is a brilliant uncirculated coin that can be bought in bulk at APMEX.com and used in Precious Metals IRAs while potentially adding numismatic value to your investment.

 

 Share

Market Recap 5/27/11

The European Union’s debilitating plague of a debt crisis continues to dominate news headlines this week. Italy was downgraded from an A+ to an A-, and while seemingly insignificant, this goes to show even further decay of Europe’s financial situation. As well as the fact that analysts at UniCredit downgraded the insurance sector and the basic-resources sector in Europe to neutral from overweight today, and the industrial goods and services to underweight from neutral. Last weekend, local elections in Spain rejected any move towards austerity measures. This week, the Greek public did the same. This week’s election result in upstate New York are an indication the U.S. may not be ready to experience the pain of cut-backs either.

China is rapidly closing in on India, as the world’s largest consumer of Gold. Although China is one of the leading producers of Gold, they cannot produce near enough to satisfy their appetite. Gold production should reach 400 tonnes by 2014 with a gain of 19%, but still the demand will be for 700 tonnes. In the first quarter of 2011, China bought more Gold than the combined totals of the developed Western Nations. Demand in France, Germany and Switzerland increased triple-digits, yet China outpaced them all put together. Despite this strong rise in per capita consumption, an analyst from Standard Chartered Bank said that there is still much room to grow, “In terms of Gold consumption per capita, there is no doubt that [China and India] have a lot of catch-up potential and the impact on Gold prices could be dramatic.”

The financial instability in the euro zone gave some stabilizing strength to the U.S. Dollar this week but the end result did little to curb people’s appetite for Gold. Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago, says, “People see the whipsaw in the currencies market and they want to buy Gold and call it a day.” Most analysts would attribute this to Gold being historically less volatile. Gold is viewed as a means to protect wealth through portfolio diversification and asset allocation.

The U.S. GNP report was released this week and the U.S. economy grew less than expected in the 1st quarter…up only 1.8%. The weekly jobs report again indicated a surprising move upward.

As the week ends, international markets are focused on Greece while our thoughts are on the demise of the QE2 program. The U.S. Dollar Index was down almost 0.9% at mid-day today. Some analysts question if we will be heading toward a double dip recession. “…[W]e continue to expect a disappointing bounce back to just 3% growth in the second half of the year. The slow-down feels very similar to last year’s soft patch,” according to economist Ethan Harris. Will the fragile U.S. economy be able to make a significant move upward in the next 3-5 years?

GOLD PRICES:
Spot Gold prices opened this week at $1,515.10. The high during the week was on Friday, May 27th, at $1,539.50, while the low for the week occurred on Monday, May 23rd, at $1,503.70. Gold ended the week up $23.00 at $1,538.10. 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 PRICES:
Spot Silver prices opened this week at $35.17. Silver reached a high of $38.85 on Thursday, May 26th, while this week’s low for Silver occurred on Monday, May 23rd, at $34.34. Silver ended the week up up $2.95 at $38.12. 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 PRICES:
Spot Platinum prices opened this week at $1,774.90 and ended the week up $31.20 at $1,806.10. Popular Platinum products this week included, 1 oz. Platinum Bars, 1/10 oz. Platinum American Eagles, and 1 oz. Platinum American Eagles.

PALLADIUM PRICES:
Spot Palladium prices opened this week at $739.60 and ended the week up $24.90 at $764.50. Palladium investors preferred 1 oz. Pamp Suisse Palladium Bars and Palladium Canadian Maple Leafs this week at APMEX.com.

APMEX Product of the Week: 40% Silver Coin Bags

Today, a popular and convenient way of investing in precious metals is purchasing bags of U.S. Silver coins containing 40% Silver. As the price of Silver began to increase in the 1960s, the U.S. Government began seeking a more cost-effective alternative to the minting of 90% Silver content coins. In honor of the assassinated President Kennedy, the U.S. Mint began minting half-dollars depicting Kennedy that were 40% Silver instead of 90%. The Kennedy half-dollars consisted of an inner layer containing 79% copper and 21% Silver. This inner layer was clad by an outer layer of 20% copper and 80% Silver. Thus, rather than containing 90% Silver, the Kennedy halves contained a total of 40% Silver and 60% copper.

These 40% Silver Kennedy half-dollars were the last regularly-circulated coins from the U.S. Mint that still contained Silver. Extremely popular among Americans interested in collecting a memento of President Kennedy, the coins quickly disappeared from circulation after their release. Even after the U.S. Mint increased the production of the coins, the Kennedy half-dollar still remained more of a collector’s item than a widely-circulated coin. While the Kennedy halves are still available from the U.S. Mint, the coins continue to have a limited circulation and primarily meet the demands of collectors.

For investors, $1,000 and $500 face value bags of 40% Silver Kennedy halves minted between 1965 and 1969 are convenient and easy ways to own Silver. Not only are 40% Silver coins legal tender that will never lose their face value, but they are also Silver coins that do not have the high premiums associated with one-ounce Silver bullion coins, such as the Silver American Eagle coins. Unlike many other methods of investing in precious metals, buying 40% Silver bags is extremely versatile. Investors who buy Silver bags can trade the bags in units or sell and trade the coins individually.

If you are looking to purchase Silver in the most cost-efficient way, the 40% Silver coins from APMEX are a great option. APMEX makes it easy to buy Silver by offering competitive Silver prices on all Silver products.

Market Recap 4/29/11

Gold and Silver started the week on the upside and remained upbeat all week. On Monday, Silver nearly broke the $50 barrier before backing off profit-taking. It turned out to be preparation for another move upwards. On Monday the IMF (International Monetary Fund) dropped bombshell news. The Age of America will end and then China will take over as the world’s largest economy in 2016. If you forgot your calculator, that is less than five years away.

The University of Texas made an extraordinary investment decision on April 15th. Not only did they move 5% of their assets into gold, they bought physical Gold instead of an ETF. This second-largest academic endowment in the U.S. decided they needed insurance against inflation as a result of current fiscal and monetary policies. “The role Gold plays in our portfolio is as a hedge against currencies. The concern is that we have excess monetary and fiscal stimulus,” Bruce Zimmerman, CEO of The University of Texas Investment Management Company told CNBC television. Mr. Zimmerman also described Gold as an anti-currency since it is in limited supply. He described, “You can’t turn on the printing presses and make more Gold.”  Gold will not only protect you against inflation and currency risk but market failure as well. This story created big news and was commentated on for three to four days.

The buzz began on Monday as the investment world awaited Wednesday’s Federal Reserve Board announcement. Federal Chairman Bernanke was the first Federal Chairman to ever hold a press conference which immediately followed the announcement on interest rates. The precious metals market was unusually jittery preceding the event.

During the Fed announcement, Gold and Silver began to go up. Platinum and Palladium, which had declined on Monday and Tuesday, also began to rise. Once Mr. Bernanke’s press conference concluded, they rose more and continued this path through Friday.

The Fed is continuing down the same path. Mr. Bernanke acknowledges there were inflationary pressures in the first quarter, but the Fed feels they are transitory. He acknowledges the economic growth was less than expected in the first quarter, but this is also transitory. Gold and Silver went up as a bet against their wisdom and the stock market climbed on the news of more easy money. The U.S. dollar began its descent down to 3-year lows.

On Friday, Gold soared to all-time record highs. Silver was up marginally, while Platinum and Palladium both showed significant gains. The decline of the U.S. dollar has begun to signal more Central Banks to exchange their U.S. dollars for Gold.

Gold:
Spot Gold prices opened this week at $1,513.50. The high during the week was on Friday, April 29th, at $1,558.00, while the low for the week occurred on Tuesday, April 26th, at $1,492.00. Gold ended the week up $53.80 at $1,567.30. 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 $46.86. Silver reached a high of $49.82 on Monday, April 25th, while this week’s low for Silver occurred on Tuesday, April 26th, at $44.61. Silver ended the week up $1.18 at $48.04. 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 $1,816.60 and ended the week up $62.40 at $1,879.00. 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 $771.80 and ended the week up $24.80 at $796.60. 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 2011 Gettysburg & Glacier Silver Two Coin America The Beautiful Set.

Minted in the same design as the popular America The Beautiful quarter series, these extremely popular “large format” five ounce .999 fine Silver bullion coins are the first two America The Beautiful coins to be released in 2011. One side features a prominent national park design and the opposite side features founding father George Washington. The parks featured in this set are The Gettysburg National Military Park and The Glacier National Park.

The Gettysburg National Military Park coin shows the Soldiers National Monument, which stands in the center of the Soldiers National Cemetery. This monument was constructed to honor the soldiers who fell at the Battle of Gettysburg in July of 1863. The statue now stands guard over the 6,000 American soldiers laid to rest at Gettysburg.

The Glacier National Park coin depicts the majestic glacier-carved Mount Reynolds. The mountain goat in the foreground reminds us of the diverse wildlife fostered within Glacier National Park. Glacier National Park obtained federal protected status on February 22, 1897 and consists of 1,000,000 acres.

The Gettysburg & Glacier Silver Two Coin America The Beautiful Set will only be sold as a set and will not be available individually. APMEX makes it easy to buy Silver by offering competitive Silver prices on all Silver products and a satisfaction guarantee.

Share

Market Recap 4/22/11

The week began with striking news that the University of Texas traded out of their Gold ETF and into the actual physical bullion. The University of Texas took delivery of 6,643  100 ounce Gold bars worth $987 million on Friday, April 15. The UT Investment Management Company did not buy Gold, they chose to convert their “paper” Gold investments into the actual bullion bars. “If you own a paper contract where they can only deliver you 10 cents on the dollar or less, you should probably convert it to physical,” said Bass. The bars will be stored at HSBC Bank in New York. This news created additional stories and repercussions all through the week.

Gold and Silver prices were on the rise Monday, but when Standard & Poor’s came out with a negative outlook on US credit, they began to soar. “We believe there is a material risk that US policy makers might not reach an agreement on how to address medium-and long-term budgetary challenges by 2013,” New York-based S&P said in a report. This statement does not lower the current AAA rating, but it still brought the White House to the defensive, as they claim this is all about politics. Gold briefly crossed $1,500 on Tuesday and Silver crossed $44 oz.

More news on Wednesday was bullish for Gold and Silver. The US dollar slipped against six major currencies and is trading at a 16-month low. This, along with continued concerns with inflationary pressures and the US and European debt problems, have propelled both Gold and Silver upwards. Gold cemented gains above the $1,500 threshold. Silver crossed $45.

Wednesday and Thursday were equally as good for the stock market, as the precious metals markets. Platinum and Palladium, which more often move in conjunction with stock prices, reversed downward trends and burst forward with large gains.

Friday is Good Friday. The stock and precious metal markets are closed. Happy Holidays!

Gold:
Spot Gold prices opened this week at $1,488.10. The high during the week was on Thursday, April 21st, at $1,513.50, while the low for the week occurred on Monday, April 18th, at $1,477.80. Gold ended the week up $25.40 at $1,513.50. 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 $43.12. Silver reached a high of $46.86 on Thursday, April 21st, while this week’s low for Silver occurred on Monday, April 18th, at $42.20. Silver ended the week up $3.74 at $46.86. 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 $1,794.00 and ended the week up $22.60 at $1,816.60. 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 $771.00 and ended the week up $0.80 at $771.80. 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 British Gold Britannia coins.

Unveiled by the Royal Mint in 1987, the Gold Britannia coins are British Gold bullion coins that have begun to play a major role on the coin market. Every year since 1987, the Gold Britannia has been issued in both proof and bullion versions. Gold Britannias are issued in 1, 1/2, 1/4, and 1/10 oz sizes with face values in British pounds (£) of £100, £50, £25, and £10, respectively. Gold Britannias are .917 Gold (22-karat Gold) and are legal tender in Great Britain. Until 1990, the Gold Britannia was alloyed with copper. However, beginning in 1990, the Gold Britannia has been alloyed with Silver, which gives the Gold Britannias issued since 1990 a lighter yellow color than the earlier Britannias.

The Gold Britannia’s attractive design was created to appeal to both collectors and investors alike. The obverse of the Gold Britannia bears a depiction of Queen Elizabeth II. The Gold Britannias issued from 1987 to 1997 feature the “Third Portrait” of Queen Elizabeth II, while the “Fourth Portrait,” a more mature likeness of Queen Elizabeth II, graces the Gold Britannias issued from 1998 and on to the Gold Britannias being produced today.

The reverse pays tribute to the Britannia image that first appeared on coins produced under the rule of the Roman Emperor Hadrian. An ancient term for Great Britain, Britannia began to personify the island of Great Britain in the first-century Roman world. Illustrated as a goddess, Britannia resembles the Roman figure Boudica. Britannia first appeared on British coins in 1672, when she graced the farthings and halfpennies of Charles II. However, the Gold Britannia is the first Gold coin since the days of the Romans to feature the Britannia image.

Since its first appearance on British coins, the image of Britannia has evolved over the years. Though usually portrayed seated, Britannia appeared standing on British Trade Dollars from 1901 to 1935 and on the florins of Edward VII from 1902 to 1910. The Gold Britannia coins feature different variations of the Britannia design, including a Standing Britannia, a Seated Britannia, and others. Designed by Philip Nathan, the Standing Britannia image commonly seen on Gold Britannias brings the story and Roman tradition of Britannia to life in the modern world. For their illustration of the majestic Britannia, the Gold Britannias are some of the most beautiful Gold coins in the world.

Gold prices fluctuate, but the popularity of the Gold Britannia bullion coins only increases. APMEX sells Gold Britannia coins in brilliant uncirculated and proof condition. APMEX makes it easy to buy Gold by offering competitive Gold prices on all Gold bullion coins. British Gold Britannia bullion coins belong in every investor’s portfolio.

Share