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This news was out last week. All I am sayin!

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Market Recap 11/27/09

11/27/2009 03:17:00 PM, Posted by APMEX, No Comment
In this shortened trading week due to the Thanksgiving Holiday, the United States Mint announced that sales of the 2009 Gold and Silver American Eagle One Ounce coins have been temporarily suspended because of the unprecedented demand for bullion. The U.S. Mint plans to resume production and sales of the Gold and Silver American Eagle coin programs once sufficient inventories can be acquired.

The U.S. Dollar came under more pressure this week as the central bank for the tiny island of Mauritius became the third such bank to buy Gold in the past month. Mauritius bought 2 metric tons, worth $71.7 million dollars, from the International Monetary Fund (IMF). This purchase followed in the footsteps of the central banks of India and Sri Lanka. Additionally India’s central bank said it is open to buying more Gold from the IMF. Speculation that even more central banks could buy Gold has helped fuel Gold’s recent surge to almost $1,200.00 per ounce.

The Wall Street Journal reported on Tuesday that nearly one in four U.S. borrowers owes more on their mortgage than their home is worth. The newspaper said almost 10.7 million households, or 23% of all mortgage holders, were "under water" in the third quarter. Another 5.3 million homeowners have mortgages that are 20% higher than the value of their homes, as prices have dropped significantly since the start of the recession. This is a bothersome sign that the housing market could be threatened by a new wave of defaults in the near future.

On Friday, Dubai World, the Emirate’s investment vehicle, was looking to suspend repayments on all or part of its $59 Billion debt to various world banks. This news lowered prices in both the precious metals and stock markets the day after the Thanksgiving Holiday, as investors looked to put their cash into safer havens. Historically, the stock market does not slump the day after Thanksgiving. In fact, between 1999 and 2008, the market has seen just two down days on the day after Thanksgiving. This news coupled with continued lower consumer sentiment and a 25-year high in the unemployment rate seemed to discourage talks of economic recovery.

APMEX hopes you had a Happy Thanksgiving and reminds you to keep an eye out for our 2nd Annual “12 Days of Christmas” sales event that begins on Monday, November 30th. You do not want to miss this great opportunity to save money on your favorite bullion and numismatic items this holiday season.