International uncertainty has led to an increase in the price of precious metals. The European Union is expected to pass a measure increasing regulation on position limits. Also driving up interest in metals is information claiming Japan has increased importation of Gold by 500 percent over 2009 figures.
The dollar is down 1% against foreign currency amid current discussions on tax cuts and unexpected increases in unemployment. On the home front, home sales have grown 10% since September, but a staggering 436,000 unemployment figure quelled much of the excitement.
Precious metals rose this week with some making significant gains. Gold is up over 3%, while Silver jumped an impressive 6.5%. With an eye towards the future, the Canadian Imperial Bank of Commerce (CIBC) has increased its Gold price forecast to $1,600.00 per Troy Ounce in 2011 and to $1,700.00 per Troy Ounce in 2012.
Spot Gold prices opened this week at $1,373.50. The high during the week was on Friday, December 3rd, at $1,409.90, while the low for the week occurred on Monday, November 29th, at $1,352.60. Gold ended the week up $42.50 at $1,416.00. This week, the most popular Gold bullion products were 2010 1 oz. Gold American Eagles, 1 oz. Gold Maple Leafs and 1 gram Sunshine Minting Gold Bars.
Spot Silver prices opened this week at $27.53. Silver reached a high of $29.45 on Friday, December 3rd, while this week’s low for Silver occurred on Monday, November 29th, at $26.45. Silver ended the week up $1.90 at $29.43. The most popular Silver products on APMEX.com this week were 2010 Silver American Eagles, 1 oz. Silver Buffalo Rounds and 1 oz. APMEX Silver Rounds.
Spot Platinum prices opened this week at $1,661.50 and ended the week up $70.80 at $1,732.30. 1 oz. Pamp Suisse Platinum Bars, 1 oz. Platinum American Eagles and 1/2 oz. Platinum American Eagles continue their popularity with investors.
Spot Palladium prices opened this week at $701.00 and ended the week up $68.80 at $769.80. 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 5 oz. America the Beautiful Silver Bullion Coins.
Following the popularity of the Statehood Quarters, the U.S. Mint chose national parks from across the nation to adorn the reverse of the new America the Beautiful Quarters. In correlation with these quarters, the U.S. Mint has produced matching 5 oz. Silver coins. The first five coins in this series are to be released through authorized vendors on December 6, 2010.
The release of these coins has been highly anticipated and was pushed back several times from the U.S. Mint. These delays have driven the popularity of this series through the roof before the designs, mintages, or release dates were revealed. We now know the designs will mirror the quarters and the mintage rates are maxed out at 33,000 units per design.
The five designs to be released next week are Hot Springs (Arkansas), Yellowstone (Wyoming), Yosemite (California), Grand Canyon (Arizona), and Mount Hood (Oregon).