Weekly Provident Report: July 25 – July 29

Silver price recap: Silver began the week with a respectable $19.64 spot price; early week lateral movement ended when prices saw significant increases Wednesday and peaked at $20.52 early Thursday morning. Prices held steady to close silver at $20.34 (3.5% increase).

 

Gold price recap: Gold opened the week at $1322.25 and saw little change in price until midweek when prices saw upward movement, peaking at $1355.48 on Friday afternoon. Gold closed at $1350.91 (2.2% increase).

 

Platinum price recap: Platinum opened at $1081.50 for the week, and, like the other precious metals, experienced a static week until Wednesday. Prices increased until they peaked at $1158.50 on Friday afternoon and closed at $1148.00 (5.8% increase).

 

Palladium price recap: Palladium began the week at $683.40 with fairly steady growth throughout the week. Friday afternoon, palladium peaked at $714.55 and closed at $712.50 (4.1% increase).

 

July25-July29-2016Market News

 

Perth Mint CEO, Richard Hayes, predicts $1300+ gold prices to remain steady in the coming months. Additionally, Hayes remarks that a Trump victory would increase gold prices as economic fears could grow.

 

Silver reached $20.50 Monday (August 1) to continue a bullish run for the precious metal, meeting spot price highs not seen since July 2014. Expectations for silver are continued growth in the months to come.

 

Economic uncertainties have allowed for increases in spot prices for precious metals, as investors flock to the “safe haven” investments.

 

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 predicted 562 K new sales, forecasts were blown away when actual sales reported totaled 592 K new 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 predicted a loss of 1.3% in new orders, but reports showed a very weak month for factories, as the loss actually totaled 4.0%.

 
 

 

 

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. A 7 week slump ended this week as crude oil inventories rose 1.7 M barrels, and gasoline inventories rose 0.5 M barrels. Distillates took a slight decline to lose 0.8 M barrels.

 

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 were anticipated to rise 0.375%, and actual reports confirmed the 0.25%-0.50% spread.

 

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 predicted a loss of $61.1 B, but the loss surpassed predictions for a total loss of $63.3 B.

 

Jobless Claims (July 28, 8:30 am ET): This is a report of the number of first-time claims for unemployment benefits. Consensus predicted an increase in new claims to total 264 K.; while reports had been overshooting actual numbers in the recent past, actual claims this week surpassed predictions to total 266 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 pointed to a 2.6% increase in real GDP, but the weak 2nd quarter GDP actually grew only 1.2%.

 

Upcoming Market Reports

 

ISM Mfg Index (August 1, 10 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.

 

Personal Income and Outlays (August 2, 8:30 am ET): This is a report of the monetary amount received and the monetary amount spent by individuals.

 
 

 

 

EIA Petroleum Status Report (August 3, 10:30 am ET): The EIA Petroleum Status Report indicates US inventory levels for crude oil, gasoline, and distillates.

 

Jobless Claims (August 4, 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. Consensus predicts a small decrease in new claims to bring the 4 week average to 265 K.

 

Employment Situation (August 5, 8:30 am ET): The Employment Situation reflects a variety of factors, the greatest being the current unemployment rate. Consensus predicts a 4.8% unemployment rate.

 

International Trade (August 5, 8:30 am ET): The International Trade report measures US exports and imports of goods and services. Consensus predicts a hefty loss of $43.0 B in trade balance level.

 

The Plank 2 oz Silver Round | Ultra High Relief

 

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