Weekly Provident Report: Week of June 20

Silver price recap: Silver opened this week at $17.77 and moved laterally until Brexit results caused a peak at $18.26 Friday morning.  Silver declined minimally to close at $17.74 (1.5% above the opening price).


Gold price recap: Gold opened this week at $1283.75.  A very calm week ended after news of a Brexit which caused a spike, and gold peaked early Friday morning at $1355.80. Gold then decreased to close at $1333.75 (3.8% above the opening price).


Platinum price recap: Platinum opened at $964.30 and experienced small increases followed by small declines until a sharp spike Friday morning at $999.05. The following decline closed platinum at 985.75 (2.2% above the opening price).


Palladium price recap: Palladium opened this week at $531.90, seeing a steady incline through the week.  Palladium then dropped to close at $548.90 (3.1% above the opening price).



Market News


Brexit dominated the market news last week; early – mid week headlines forecast a volatile market should the UK vote to leave the EU at the June 23rd referendum.


Forecasts predicting volatility were proven correct, as precious metals spiked in the early morning hours of Friday, after the Brexit was announced. Gold hit highs not seen since March 2014.


Market volatility is expected to continue while the future of the New Britain is unknown.


Peace agreements between Colombian rebel force groups, the ELN and FARC, suggest a switching of powers in the thriving yet illegal gold and cocaine industry. A cease-fire would hopefully end a bloody half century of conflict, while increasing drug trafficking.


Market Reports


Existing Home Sales (June 22, 10:00 am ET): Existing Home Sales indicates the amount of previously existing homes sold within a month. Consensus predicted 5.570 M in existing home sales, while actual numbers totaled 5.530 M. 


EIA Petroleum Status Report (June 22, 10:30 am ET): The Petroleum Status Report domestic and international inventories of oil, gasoline, and distillates held by the US. Crude oil inventories continued to decrease, with a 0.9 M barrels decline; gasoline levels increased by 0.6 M barrels; distillates inventory rose by 0.2 M barrels. 


Jobless Claims (June 23, 8:30 am ET): The jobless claims report measures the amount of new claims for unemployment benefits. While the consensus predicted 270 K new claims, a much lower lower 259 K claims actually reported signifies an improving job market.  


New Home Sales (June 23, 10 am ET): The New Home Sales report indicates the total number of newly built homes sold during a month. While estimates predicted 586 K new sales, a disappointing 551 K actual sales. 


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. Reports quoted a loss of 0.7%, while actual reports indicated a 2.2% loss in new orders.


Upcoming Market Reports


International Trade in Goods (June 27, 8:30 am ET): The International Trade in Goods report issues predictions for international US trade. Consensus for May predicts a loss of $59.3 B.



GDP (June 28, 8:30 am ET): The GDP is a measurement of Gross Domestic Product in the US and an indicator of economic status. Predictions point to a 1.0% increase in real GDP.


Personal Income and Outlays (June 29, 8:30 am ET): This is a report of the monetary amount received and the monetary amount spent by individuals. Consensus calls for increases across the board, with a 0.3% increase in personal income and a 0.4% increase in consumer spending. 


EIA Petroleum Status Report (June 29, 10:30  am ET): This a report that measures the inventories of crude oil, gasoline, and distillates held by the US, domestically and abroad. 


Jobless Claims (June 30, 8:30 am ET): This is a report of the number of first-time claims for unemployment benefits. A strong June 18 week provided hope for a thriving job market, and predictions suggest another week with lowered claims, reaching a 266 K consensus.


ISM Mfg Index (July 1, 10:00 am ET): The ISM Manufacturing Index is a report developed from over 300 firms, indicating factors such as changes in supply and demand as well as production levels and buyer confidence. Consensus predicts a 0.2 increase to a level 51.5 for the next report.


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