Silver price recap: Silver began the week at $18.81 and experienced a great deal of movement throughout the week, cresting at $20.05. The precious metal experienced growth to close the week at $19.69 (4.7% increase).
Gold price recap: Gold opened the week at $1,311.14 and prices grew most of the week. A mid week low of $1309.05 occurred before gold began climbing to end the week at $1337.61 (2.1% increase).
Platinum price recap: Platinum opened at $1019.75 and saw early week movement, hitting a high of $1063.45. Platinum closed the week at $1053.50 (3.5% increase).
Palladium price recap: Palladium experienced the most movement of the precious metals last week. The meta opened at $674.85 and experienced a great deal of volatility, ultimately closing at $703.50 (4.3% increase).
Economists suggest keeping roughly 100 ounces of silver for emergencies is comparable to having a flashlight and canned goods; expect silver prices to rise as individuals realize the metal’s utility.
RCM employee, Leston Lawrence was caught attempting to smuggle $180,000 worth of gold through his rectum; an astute bank employee noticed Lawrence’s large deposit sums and Mint employee status and turned in the thief.
Gold market predictions for 2016 remain bullish despite potential interest rate increases in November.
Housing Starts (September 20, 8:30 am ET): This housing report details how many new residential structures begin each month. Consensus predicted 1.190 M new starts, but actual reports indicated 1.142 M new starts.
EIA Petroleum Status Report (September 21, 10:30 am ET): This is a report that measures the inventories of crude oil, gasoline, and distillates held by the US, domestically and abroad. New reports indicated inventory levels fell 6.2 M and 3.2 M barrels for oil and gasoline, respectively. Distillates inventories grew by 2.2 M barrels.
FOMC Meeting Announcement (September 21, 2:00 pm ET): The Federal Open Market Committee regulates policies implemented by the Federal Reserve regarding short term interest rates. Rates remained constant at 0.25% to 0.50%.
FOMC Forecasts (September 21, 2:00 pm ET): The Federal Open Market Committee releases forecasts quarterly for changes in GDP, Unemployment Rates, and PCE inflation.
Fed Chair Press Conference (September 21, 2:30 pm ET): The Fed Chair holds quarterly press conferences to detail FOMC forecasts. Yellen announced rate hike potential for the November meeting.
Jobless Claims (September 22, 8:30 am ET): This report indicates the changing average of first time claims for unemployment benefits during the month. Consensus predicted 261 K new claims, but reports indicated 252 K new claims.
Existing Home Sales (September 22, 10:00 am ET): Existing Home Sales indicate the number of previously constructed residential structures sold within the month. Reports indicated 5.33 M existing home sales.
New Home Sales (September 26, 10:oo am ET): The New Home Sales report indicates the number of newly constructed and newly sold residential structures within a given month. The consensus predicts 598 K new home sales.
Durable Goods Orders (September 28, 8:30 am ET): The Durable Goods Orders report reflects the number of newly purchased factory orders of goods for future or immediate delivery. Consensus predicts a 1.9% decline.
EIA Petroleum Status Report (September 28, 10:30 am ET): The EIA Petroleum Status Report indicates US inventory levels of crude oil, distillates, and gasoline.
GDP (September 29, 8:30 am ET): The GDP is a measurement of Gross Domestic Product in the US and a good indication of economic status and growth. Consensus predicts a 1.3% increase.
International Trade in Goods (September 29, 8:30 am ET): The International Trade in Goods report issues predictions for international US trade. Consensus predicts a loss of $62.3 B.
Jobless Claims (September 29, 8:30 am ET): This report indicates the changing average of first time claims for unemployment benefits during the month. Consensus predicts 260 K new claims.
Personal Income and Outlays (September 30, 8:30 am ET): This report measures the relationship between the income of a household and major expenditures. Consensus predicts a 0.2% increase.
To read more about gold bullion and projected spot price increases, check out our blog, “Gold at $10,000 an Ounce: How and When?”
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