Weekly Provident Report: September 26 – September 30

Silver price recap: Silver opened at $19.72 and quickly turned south. Little movement occurred after the initial downturn until a late week spike took silver back up to $19.70. The precious metal plummeted again, closing at $19.17 (2.6% decrease).

Gold price recap: Gold began the week at $1338.54 with little early week movement. By midweek, the yellow metal began a slow decline that continued through the end of the week, closing gold at $1312.00 (1.9% decrease).

Platinum price recap: Platinum, too, experienced a difficult and volatile week. Prices fluctuated greatly all week. A midweek low of $1012.14 occurred before the metal slightly recovered to close at $1026.50 (2.5% decrease).

Palladium price recap: Palladium was the only metal to experience a positive week. The precious metal opened the week at $700.70, and prices increased all week until closed at $722.00 (3.5% increase).

Sept26-Sept30Market News

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Copper and other base metals are experiencing a bull market, thanks in part to Chinese factories. Tin and Zinc are among the other metals seeing renewed interest and manufacturing.

Deutsche Bank woes continue to affect gold spot prices; a week of lows ended with a sudden rise to close out the quarter with slight progress after a turbulent week.

Market Reports

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 predicted 598 K new home sales, but actual reports totaled over 609 K in 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. While consensus predicted a 1.9% decline, the report showed no growth or decline for new order month over month; however four of six line factors are down for the week.  

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.  Crude oil and distillates are each down, 1.9 M barrels, each. Gasoline inventory levels are up 2.0 M barrels. 

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 predicted a 1.3% increase but actually rose 1.4%. 

International Trade in Goods (September 29, 8:30 am ET): The International Trade in Goods report issues predictions for international US trade. Consensus predicted a massive loss of $62.3 B; while trade was down, the loss was less severe at $-59.4 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 predicted 260 K new claims, but a positive week for unemployment reported only 254 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 accurately predicted a 0.2% increase.

Upcoming Market Reports

ISM Mfg Index (October 3, 10:oo 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 predicts an index of 50.2.

International Trade (October 5, 8:30 am ET):  The International Trade report measures changes in imports, exports, and the balance between the two. Consensus predicts a loss of $39 B.

EIA Petroleum Status Report (October 5, 10:30 am ET): The petroleum industry is an important factor to consider for the US and global economies.  Weekly changes in inventories and production can impact the broader economy.

Jobless Claims (October 6, 8:30 am ET): The jobless Claims reports the number of individuals that file for unemployment. Consensus predicts 256 K new claims. 

Employment Situation (October 7, 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. The unemployment rate is expected to drop from 4.9% to 4.8%.

If you love the fascinating nature of gold bullion, check out our blog on the tall sales surrounding the precious metal.

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