Weekly Provident Report: November 21 – November 25

Silver price recap: Silver opened the week at a meager $16.58, and experienced great volatility throughout the week. A Wednesday plunge brought the metal to its lowest point, ultimately closing at $16.54 (0.3% decrease).

Gold price recap: Gold began Thanksgiving week at $1207.65 and, while early week pricing remained consistent, Wednesday dropped gold prices to its lowest point since February, closing gold at $1183.63 (2.0% decrease).

Platinum price recap:  Platinum opened the market at $923.15 and slowly declined throughout the week to close for a small loss at $908.00 (1.7% decrease).

Palladium price recap: Palladium began the week at $725.25, but, unlike the other metals, experienced growth throughout the week. By closing, palladium was sitting at a spot price of $744.00 (2.6% increase).

Nov21-Nov25-2016 (1)

Market News

Gold has reached its lowest point since Q1, currently residing at $1190.60, down 7% within the last month. Because investors have moved focus from the potential improvements brought by a Trump regime and have focused on the current financial crisis in Italian government, commodities like gold have plummeted.

While gold and silver have suffered mostly decline, base metals like copper and zinc are seeing nothing but progress. Copper is at a 17 month high, while zinc is reaching prices not seen in 9 years.

Market Reports

Existing Home Sales (November 22, 10:00 am ET): Existing Home Sales indicate the number of previously constructed residential structures sold within the month. Consensus predicted a range of 5.35 M to 5.515 M existing home sales for the month, while actual reports measured 5.6 M sales.

Durable Goods Orders (November 23, 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 1.5% growth change, but astoundingly, last week’s report indicated 4.8% growth.

Jobless Claims (November 23, 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. Reports measured 251 K new claims for the week.

New Home Sales (November 23, 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 predicts 601 K new home sales.

EIA Petroleum Status Report (November 23, 10:30 am ET):  The EIA Petroleum Status Report measures oil, gasoline, and distillates inventory levels held by the U.S. domestically and abroad. Crude oil inventory levels fell 1.3 M barrels, while gasoline and distillates inventory levels rose 2.3 M and 0.3 M barrels, respectively. 

FOMC Minutes (November 23, 2:00 PM ET)The Federal Open Market Committee releases notes from each monthly meeting. As of the November meeting, interest rates have not increased.

International Trade in Goods (November 25, 8:30 am ET): The International Trade in Goods report issues predictions for international US trade. Consensus predicted a loss of $59.7 B, but actual losses totaled a greater $62 B.

Upcoming Market Reports

GDP (November 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 3.1% growth.

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

EIA Petroleum Status Report (November 30, 10:30 am ET):  The EIA Petroleum Status Report measures oil, gasoline, and distillates inventory levels held by the U.S. domestically and abroad.

Jobless Claims (December 1, 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 253 K new claims for the upcoming report.

ISM Mfg Index (December 1, 10:00 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 52.3.

Employment Situation (December 2, 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%.

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