Weekly Provident Report: June 20 – June 24

Silver price recap: Silver opened this week at $17.36 and moved laterally until mid week when it peaked at $17.87.  Silver then decreased to close at $17.49 (0.8% above the opening price).


Gold price recap: Gold opened this week at $1270.15, and like silver, moved laterally until mid week. Gold peaked Thursday afternoon at $1314.70. Gold then decreased to close at $1301.35 (2.4% above the opening price).


Platinum price recap: Platinum opened at $990.82 and slowly declined through the week.  Platinum dropped to close at $969.74 (2.2% below the opening price).


Palladium price recap: Palladium opened this week at $543.54, slowly declining with occasional short increases.  Palladium then dropped to close at $534.00 (1.8% below the opening price).


Silver and gold spot price changes


Market News


Gold hit a record high $1300– the highest it had been since August 2014. However, concerns with the potential English departure from the European Union leave investors unsure about the future of the commodity.


A June 23rd referendum to vote on a “Brexit” (British exit from the EU) is expected to dictate the direction of gold and silver forecasts.


Work-starved Brazilians illegally pan for gold exposed in catastrophic mudslide while petitioning local government to reissue operating licenses to iron-ore giant, Samarco.


Market Reports


Retail Sales (June 14, 8:30 am ET): The Retail Sales Report measures receipt totals from durable and non durable goods purchased during a given time. As this total is typically 2/3 GDP, it can be a good instrument to forecast economic growth or decline. Retail sales grew 0.5%; this was 0.2% greater than predicted.


PPI-FD (June 15, 8:30 am ET): Producer Price Index of the Bureau of Labor Statistics indicates the change in prices received by producers and sellers of goods and services, domestically.  Predictions estimated a 0.3% increase, but actual reports indicated a 0.4% increase.


Industrial Production (June 15, 9:15 am ET): The Industrial Production Report measures the production of industrial goods from sources like mines, electric utilities, and factories. Production was predicted to decrease 0.1% but actually decreased 0.4%


EIA Petroleum Status Report (June 15, 10:30 am ET): The EIA Petroleum Status Report indicates US inventory levels for oil, gasoline, and distillates.  Crude oil and gasoline inventories fell this week (-0.9 million barrels and -2.6 million barrels, respectively), while the distillates inventory increased (0.8 million barrels).


FOMC Meeting Announcement (June 15, 2:00 pm ET):  The Federal Open Market Committee regulates policies implemented by the Federal Reserve regarding short term interest rates. Rates were anticipated to rise .375% but ranged between 0.25-0.5%.


FOMC Forecasts (June 15, 2:00 pm ET): The Federal Open Market Committee releases forecasts quarterly for changes in GDP, Unemployment Rates, and PCE inflation.  GDP rates are expected to increase 1.8-2.0% over the next three years while PCE inflation rates are projected to rise 2.0%.  Unemployment rates will remain fairly constant over three years between 4.7-5.0%.


Fed Chair Press Conference (June 15, 2:30 pm ET): The Fed Chair holds quarterly press conferences to detail FOMC forecasts.  Discussions included the possible Brexit as a potential influencer of US and global economic growth. Nationally, election changes could additionally affect economic circumstances. The June unemployment rate could potentially lead to a July rate hike.


Consumer Price Index (June 16, 8:30 am ET): The Consumer Price Index evaluates change in the price of consumer transactions. Consensus predicted a 0.3% increase, while actual figures reported a 0.2% increase.


Jobless Claims (June 16, 8:30 am ET): The Jobless Claims Report measures the number of claims files for unemployment benefits each week, and offers insight into the health of the US economy. While predictions estimated a 270 K claims, actual reports totaled 277 K. 


Philadelphia Fed Business Outlook Survey (June 16, 8:30 am ET): The Philadelphia Fed Business Outlook Survey is a regional report reflecting the outlook of workers in the tri-state (PA, NJ, DE) area. Consensus was varied between -3.4% and 3.9%, while reports landed at 4.7%.


Housing Starts (June 17, 8:00 am ET): Housing starts are measured as the number of newly begun residential constructs. Consensus anticipated 1.150 M new starts while reports showed a greater 1.164 M starts.


Upcoming Market Reports


Existing Home Sales (June 22, 10:00 am ET): Existing Home Sales indicate the number of previously constructed residential structures sold within the month. Consensus predicts a range of 5.350 to 5.680 M. 



EIA Petroleum Status Report (June 22, 10:30 am ET): The Petroleum Status Report measures the inventory levels of oil, gasoline, and distillates held by the US, domestically and abroad.


Jobless Claims (June 23, 8:30 am ET): This is a report of the number of first-time claims for unemployment benefits. Claims are expected to decrease to meet previous estimations for June at 270 K.


New Home Sales (June 23, 10 am ET): This a report that measures the number of newly constructed homes sold within the month.  The previous report showed 619 K sales, and the consensus is 565 K in the upcoming report.


Durable Goods Orders (June 24, 8:30 am ET): Durable Goods Orders indicate the number of new purchases for delivery from domestic producers of goods and services. Consensus spans between -2.5% to 4.9%.BBPS-04265-03


Provident Metals released the 2nd design in the Egyptian Gods series: the Anubis 2 oz Ultra High Relief Silver Round. This stunning 2 oz round will only be available for a limited time, so pick up yours today!


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