Weekly Provident Report: July 18- July 22

Silver price recap: Silver opened this week at a high $20.18, with lateral movement until a sharp midweek decline. Silver experienced another sub-$20 week, closing at $19.63 Friday afternoon (2.8% decrease).


Gold price recap: Gold opened fairly strong at $1333.36, but heavily dropped throughout the week, with a slight increase Thursday afternoon. Gold closed at $1322.39 for a 0.9% loss.


Platinum price recap: Platinum opened the week at a respectable $1092.25 with a highly fluctuating week, ultimately closing for a loss at $1082.00 (1.0% loss).


Palladium price recap: Palladium opened Monday with a strong 646.70, and steady growth throughout the week made this precious metal the only to see a profit by week’s end,  closing at $682.50 (5.3% increase).



Market News



Gold is facing concerns as a strong dollar rises. FOMC Meeting Announcements are expected to provide possible information for upcoming market direction.


While silver has seen increases in spot prices since Brexit, concerns over silver futures also exist with the strengthened dollar.


Not only are metals affected, but crude oil and distillate inventories continue falling due to the strong dollar.


Market Reports


Housing Starts (July 19, 8:30 am ET): Housing Starts indicate the total number of new construction sites for residential structures. Consensus predicted 1.170 M new starts, but reports indicated an improved 1.189 M.




EIA Petroleum Status Report (July 20, 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 inventories fell an additional 2.3 M barrels, while gasoline rose 0.9 M barrels and distillates fell 0.2 M barrels.


Jobless Claims (July 21, 8:30 am ET): This is a report of the number of first-time claims for unemployment benefits. While consensus predicted a slight increase in new claims, the job market again saw positive reports with reports indicating only 253 K new claims, in contrast to the predicted 265 K. 


Philadelphia Fed Business Outlook Survey (July 21, 8:30 am ET): The Philadelphia Fed Business Outlook Survey is a measurement of manufacturing conditions and outlook in the Tri-State area. Consensus forecast a 5.0 change, which was a gross overestimation of reports which landed at -2.9. 


Existing Home Sales (July 21, 10:00 am ET): Existing Home Sales report the number of previously constructed residential structures sold within the month. A very nearly correct consensus predicted existing home sales to total 5.475, but actual sales hit 5.570 M.


Upcoming Market Reports


New Home Sales (July 26, 10 am ET): The New Home Sales report indicates the total number of newly built homes sold during a month. Estimates predict a 562 K new home sales.


Durable Goods Orders (July 27, 8:30 am ET): Durable Goods Orders indicate the number of new purchases for delivery from domestic producers of goods and services. Consensus predicts a loss of 1.3% in new orders.




EIA Petroleum Status Report (July 27, 10:30 am ET): This a report that measures the inventories of crude oil, gasoline, and distillates held by the US, domestically and abroad.


FOMC Meeting Announcement (July 27, 2:00 pm ET):  The Federal Open Market Committee regulates policies implemented by the Federal Reserve regarding short term interest rates. Rates are anticipated to rise 0.375%.


International Trade in Goods (July 28, 8:30 am ET): The International Trade in Goods report issues predictions for international US trade. Consensus for June predicts a loss of $61.1 B.


Jobless Claims (July 28, 8:30 am ET): This is a report of the number of first-time claims for unemployment benefits. Consensus again predicts an increase in new claims to total 264 K. 


GDP (July 29, 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 12.6% increase in real GDP.


Provident Metals is pleased to offer the 2016 1 oz American Platinum Eagle with a Brilliant Uncirculated finish.  Take advantage of our Pre-Sale today!


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