Weekly Provident Report: October 24 – October 28

Silver price recap: Silver began the week at $17.54 and experienced extreme volatility throughout the week. The week low occurred Monday, when silver dipped to reach $17.48 before ultimately gaining momentum to close at $17.77 (1.5% increase).

Gold price recap: Gold opened at $1266.32 and experienced a slightly less volatile week than silver, but prices still ranged greatly at times. Gold’s lowest point was Monday afternoon at $1260. A late week spike caused gold to close at $1284.25 (1.5% increase).

Platinum price recap: Platinum began the week at $933.25, and prices slowly increased all week with little fluctuating, ultimately closing at $979.85 (4.9% increase).

Palladium price recap: Palladium opened the week at $621.45 and experienced a very tumultuous week, peaking at $643.25 on Tuesday morning. Ultimately, the decline began on Wednesday, bringing palladium back down to close for a small gain at $622.00 (0.6% increase).

Silver and Gold Spot Prices

Market News

Expectations for bullion prices the last week before the election are unpredictable. Many expect to see a bullish market for gold and silver; however, as of Monday morning, silver is the only metal seeing a bull, while gold and the platinum metals are all experiencing significant bearish prices.

The end of the Footsie (FTSE 100) rally has investors returning to safe haven investments, gold and silver.

For a concise source of what stocks to monitor as election results roll in, check out Bloomberg’s report of possible market reactions based on a multitude of election possibilities.

Market Reports

International Trade in Goods (October 26, 8:30 am ET): The International Trade in Goods report issues predictions for international US trade. Consensus predicted a loss of $60.5 B, but only lost $56.1 B.

New Home Sales (October 26, 10:00 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 601 K new home sales, while actual reports noted only 593 K new sales.

EIA Petroleum Status Report (October 26, 11:00 am ET):  The EIA Petroleum Status Report indicates US inventory levels for crude oil, gasoline, and distillates. Inventory levels for all three commodities- oil, gas, and distillates- fell 0.6 M barrels, 2.0 M barrels, and 3.4 M barrels, respectively.

Durable Goods Orders (October 27, 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 predicted 0.2% growth change, but the change reported was a 0.1% loss.

Jobless Claims (October 27, 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 255 K new claims for the upcoming report, but totals indicated 258 K new claims. 

GDP (October 28, 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 2.5% growth, but actual reports showed a strong 2.9% growth.

Upcoming Market Reports

Personal Income and Outlays (October 31, 8:30 am ET)This report measures the relationship between the income of a household and major expenditures. Consensus accurately predicts a 0.4% increase.

ISM Mfg Index (November 1, 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 51.6.

EIA Petroleum Status Report (November 2, 10:30 am ET):  The EIA Petroleum Status Report indicates US inventory levels for crude oil, gasoline, and distillates. 

FOMC Meeting Announcement (November 2, 2:00 pm ET) The Federal Open Market Committee regulates policies implemented by the Federal Reserve regarding short term interest rates. Consensus predicts rates of 0.375%. 

Jobless Claims (November 3, 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 255 K new claims for the upcoming report.

Employment Situation (November 3, 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 be 4.9%.

International Trade (November , 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.Nidhoggr Nordic Creatures9 B.

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