Weekly Market Recap 2/25/11

 

Monday began with Libyan President Muammar Gaddafi declaring war on his own people. He made it clear that he intended to fight and win or die a martyr. All through the week oil prices began to rise, at one point topping $100 per barrel. Libya and the entire Middle East is a literal powder keg. This region will continue to capture world attention. All week long, we were exposed to tragic and appalling photos of violence in the streets.

It was also reported that home prices fell for the sixth month in a row in December. There is more and more concern about a double dip housing recession. Most experts agree that jobs will not recover until the housing market begins to recover.

Is it possible you have not heard about the battle in Wisconsin between the newly appointed governor and the teachers union? The problem is public pension funds in general with Wisconsin simply drawing attention to a problem so many states now must confront. They have huge public pension fund obligations and no money to pay.

On Thursday and Friday the stock market began to recover after three days of sharp drops. Gold and silver prices retreated on profit taking. Platinum and palladium, which had dropped along with the stock market, began to recover as well.

Gold:
Spot Gold prices opened this week at $1,390.90. The high during the week was on Thursday, February 24th, at $1,418.80, while the low for the week tied on Monday and Tuesday, February 21^st and 22^nd, at $1,390.10. Gold ended the week up $20.10 at $1,411.00. 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 $32.75. Silver reached a high of $34.38 on Monday, February 21st, while this week’s low for Silver occurred on Friday, February 25th, at $32.06. Silver ended the week up $0.67 at $33.42. 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 $1,840.40 and ended the week down $31.50 at $1,808.90. Popular Platinum products this week included, 1 oz. Pamp Suisse Platinum Bars, 1/10 oz. Platinum American Eagles and 1 oz. Platinum American Eagles.

Palladium:
Spot Palladium prices opened this week at $854.60 and ended the week down $61.70 at $792.90. 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 Silver Britannia.

Following the success of the Gold Britannia bullion coins introduced in 1987, the Royal Mint produced a one-ounce Silver Britannia coin in 1997, with the 1997 Silver Britannias being issued only as proofs with a mintage of 20,000. Since their inception, the Silver Britannia coins have continued to increase in popularity for both their patriotic design and silver content.
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. Although special designs and variations have appeared on several issues of the Silver Britannia coins, 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.
In addition to attracting attention for their lovely design, 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.