Market Recap 12/23/10


APMEX will be closed for the Holidays from December 24-26, 2010. We will resume our normal business hours on December 27th.

This week can be summarized by saying that precious metal prices are relatively unchanged. Trading has been in tight ranges with low volumes. As expected, when large gains were made in Gold during the year, institutions and hedge funds sell to actualize profits and square up positions. We expect to see this same pattern continue throughout 2010. The big question is what will happen in 2011 and is there a buying opportunity now?

There were several significant news events this week. The IMF release a statement on Tuesday night saying they have completed a large program of Gold sales (reportedly 403.3 tonnes), thus removing one of the few bearish elements restraining the Gold bullion market.

North and South Korean tensions have made news several times this week. South Korea is planning military exercises that have North Korea warning of “sacred war” and South Korea vowing a “merciless counterattack.” Although these verbal threats seem to appear often, the potential for actual violence should not be dismissed.

Palladium prices have soared in the last quarter on increased industrial demand along with supply side concerns. There have been reports for some time now that Russian stock piles will run out in 2011. Norilsk, the world’s biggest producer of nickel, reinforced this supply concern on Wednesday. They see Russia having insignificant amounts of Palladium in 2011 and none in 2012.

Gold:
Spot Gold prices opened this week at $1,376.60. The high during the week was on Tuesday, December 21st, at $1,393.00, while the low for the week occurred on Thursday, December 23rd, at $1,372.60. Gold ended the week up $3.00 at $1,379.60. 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.

Silver:
Spot Silver prices opened this week at $29.23. Silver reached a high of $29.61 on Tuesday, December 21st, while this week’s low for Silver occurred on Monday, December 20th, at $28.81. Silver ended the week up $0.07 at $29.30. 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.

Platinum:
Spot Platinum prices opened this week at $1,698.30 and ended the week up $22.30 at $1,720.60. 1 oz. Pamp Suisse Platinum Bars, 1 oz. Platinum American Eagles and 1/2 oz. Platinum American Eagles continue their popularity with investors.

Palladium:
Spot Palladium prices opened this week at $740.60 and ended the week up $17.10 at $757.70. 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 1922 – 1925 Peace Silver Dollars.

The Peace Silver Dollar is a manifestation of American sentiments in the 1920s. The world had just survived the biggest war in history and the United States wanted to commemorate this momentous victory. In order to share this celebration with all, the United States Mint produced the Peace Silver Dollar to be used in circulation by all Americans.

Due to legislation, the U.S. Mint was not required to produce a Silver dollar coin for public circulation. That all changed with the passage of the Pittman Act in 1918. Now the question became, what should our new coin represent? The answer was the “Roaring Twenties.” The Peace Dollar became a symbol of American wealth and prosperity in a time when many were affluent.

In our current economic times, we have once again discovered the value of a “dollar.” Get your own slice of American prosperity today with 1922 – 1925 Peace Silver Dollars available at APMEX.com.

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3 thoughts on “Market Recap 12/23/10

  1. Slow week due to the holidays. It will be interesting to see where metals go in 2011. I’ll be watching prices closely as I’m sure you will too. You can follow along with me on facebook. Just look for Coin Man Herb.

    Seasons Greetings

    Coin Man Herb

  2. Pingback: Market Recap 12/23/10 | coinmanherb

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