Weekly Provident Report: August 1 – August 5

Silver price recap: Silver once again opened the week above twenty dollars at $20.38. The precious metal saw a fairly consistent week until Friday when it significantly dropped to close the week for a loss at $19.71 (3.3% decrease).


Gold price recap: Gold began the week at $1351 and experienced fluctuation throughout the week until Friday afternoon, when it, like silver, saw a sharp decline to close at $1335.80 (1.2% decrease).


Platinum price recap: Platinum continues a strong showing, as it opened last week at $1151. Mostly lateral movement occurred throughout the week until the precious metal followed suit of its sister metals to close for a loss at $1145.75 (0.5% decrease).


Palladium price recap: Palladium opened the week at $713 without much growth throughout the week. Beginning midweek, the precious metal began a gradual decline that would continue to Friday afternoon, closing the commodity at $696.50 (2.4% decrease).




Market News


Gold investors continue to see a prosperous summer showing from the precious metal, as the Bank of England decision to release a stimulus packaging, which was highlighted by interest rate cuts, sent gold to a 3 week high.


While gold has seen record highs this summer, the real Cinderella story is silver; forecasts predict a continued bull market, which means excellent returns for silver investors.


Platinum and palladium are the two often overlooked precious metals, but these underdogs are predicted to shine in the months to come, having already seen some of their best days in several years this summer.


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. While consensus predicted the ISM Mfg Index Level to settle at 53.2, it actually landed at 52.6.


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. Consensus forecast a 0.3% change, but the report indicated a 0.2% change.




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. Crude oil and distillates rose by 1.4 M barrels and 1.2 M barrels, respectively, while gasoline inventories fell -3.3 M barrels.


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 predicted a decrease in jobless claims to total 265 K, but claims actually increased to 269 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 predicted a 4.8% unemployment rate, but actual reports brought the rate to 4.9%.


International Trade (August 5, 8:30 am ET): The International Trade report measures US exports and imports of goods and services. Consensus predicted a significant loss of $43.9 B in trade balance level, but actual reports indicated an even greater decline of $-44.5 B.




Upcoming Market Reports




EIA Petroleum Status Report (August 10, 10:30 am ET): The EIA Petroleum Status Report measures domestic and global inventories of crude oil, gasoline, and distillates held by the US.


Jobless Claims (August 11, 8:30 am ET): The Jobless Claims Report indicates the number of first time claims for unemployment benefits. Consensus predicts 265 K new claims, which is a slight decrease from the previous week. 


Retail Sales (August 12, 8:30 am ET): The Retail Sales report measures receipt totals for consumer merchandise and services. This report is significant, as the total accounts for roughly 2/3 GDP. Consensus predicts a 0.4% increase in retail sales.


PPI-FD (August 12, 8:30 am ET): The PPI-FD indicates price changes received by producers of goods and services; a portion of price increases and decreases are passed onto customers, so the PPI-FD is a good predictor of possible inflation. Consensus predicts a 0.1% increase in prices for producers.


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