Weekly Provident Report: June 27 – July 1

Silver price recap: Silver opened this week at $17.88, and began to climb mid-week.  Silver peaked at $19.89 Friday afternoon, and declined slightly to close at $19.76 (9.6% above the opening price).

 

Gold price recap: Gold opened this week at $1317.60, and fluctuated greatly until prices rose Friday to peak at $1344.56. Gold then decreased to close at $1342.30 (1.9% above the opening price).

 

Platinum price recap: Platinum opened at $987.50 and experienced a steady week until Friday morning when prices increased to peak at $1062. Platinum closed at $1060.25 (6.9% above the opening price).

 

Palladium price recap: Palladium opened this week at $552, seeing a steady incline through the week with a Friday afternoon peak of $607.  Palladium then dropped to close at $605.30 (8.9% above the opening price).

 

 

Market News

 

 

 

Brexit continues to affect market volatility, with gold and silver experiencing dramatic high weeks as the safe haven of many.

 

Silver seems to be the precious metal of choice, currently, with prices soaring as investors flock to the time-tested bullion.

 

Millennial understanding of the value of gold and silver as investments lacks a certain understanding of inflation and the teetering value of the American dollar.

 

Not only are paper currency, precious metals, and stocks seeing an impact from Brexit, but Bitcoin will see significant repercussions from the move, as well.

 

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 predicted a loss of $59.3 B but a decline in exports and increase in exports landed total balance losses at $60.6 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 pointed to a 1.0% increase in real GDP, but increases in residential investment boosted actual GDP growth to 1.1%. 

 

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 called for increases across the board, with a 0.3% increase in personal income and a 0.4% increase in consumer spending, but a robust April slowed down from a personal income growth increase of 0.5% to 0.2% for May. Consumer spending continued to increase 0.4% to meet predictions, though experts believe the increased savings is due to consumers accessing savings, rather than income growth. 

 

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. Crude oil levels dropped a dramatic 4.1 M barrels to land inventories at 526.6 M barrels; gasoline saw a 1.4 M barrel increase, while distillates decreased by 1.8 M barrels.

 

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 suggested another week with lowered claims, reaching a 266 K consensus. The optimism was slightly overshot with actual new unemployment claims reaching 10 K, bringing totals to 268 K. 

 

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 predicted a 0.2 increase to a level 51.5 for the next report, but confidence in new orders and strengthened manufacturing shocked economists with a 1.9% increase to 53.2.

 

Upcoming Market Reports

 
 

International Trade (July 6, 8:30 am ET): The International Trade report measures US exports and imports of goods and services. Consensus for May predict a loss of $40.0 B.

 

 

FOMC Minutes (July 6, 2:00 pm ET): The Federal Open Market Committee releases notes from each monthly meeting. 

 

Jobless Claims (July 7, 8:30 am ET): This is a report of the number of first-time claims for unemployment benefits. Previous week totals saw a significant increase in unemployment claims, but consensus predict a fairly stable week with totals reaching 269 K, after a week reaching 268 K. 

 

EIA Petroleum Status Report (July 7, 11:00  am ET): This a report that measures the inventories of crude oil, gasoline, and distillates held by the US, domestically and abroad. 

 

Employment Situation (July 8, 8:30 am ET): The greatest factor measured by the Employment Situation report is the percentage of unemployed Americans; this figure is created by dividing the number of unemployed adults by the number of employed individuals in a 60,000 household survey group. Consensus predicts an unemployment rate of 4.8%, up 0.1% from May.

 

cellophane-box_3_New from Provident Metals is the View-Thru Coin Display! Show off your stunning rounds with ease while protecting them from environmental factors.

 

For more reading on the precious metals industry and coin shop-talk, check out the latest blog series: Metals, She Wrote.

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