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.
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.
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.
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.
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.
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.