Weekly Provident Report: December 26 – December 30

Silver price recap: Silver started the post Christmas week at $15.76- the weakest start in months. The precious metal experienced a great deal of movement throughout the week to ultimately close just below $16 at $15.94 (1.2% increase).

Gold price recap: Gold started the week at $1133.95 without much movement until a small spike mid week increased spot price to close the metal at $1151.85 (1.7% increase).

Platinum price recap: Platinum opened at $893.75 and saw a tremendous amount of movement throughout the week, with prices spiking and declining, repeatedly. The volatility ended Friday afternoon when platinum closed at $902.50 (1.0% increase).

Palladium price recap: Palladium began the week at $658.20 and experienced much of the same volatility as its sister metal platinum. Ultimately, palladium closed for the greatest gain of the precious metals at $681.50 (3.5% increase).

Silver Spot Price Chart

Market News

Gold has a case for a bullish 2017 as investors worried about potential political and economic turmoil in response to President-elect, Donald Trump’s unpredictable twitter activity look for a safe haven commodity.

Newly chosen budget chief, Mick Mulvaney, is a bit of a gold and silverbug; as an investor in precious metals and bitcoin, he advocates bullion as a hedge against inflation.

Platinum lovers will soon be able to add the Royal Mint to their list of platinum producers; the Royal Mint has announced it will begin minting platinum investment products in 2017.

Market Reports

International Trade in Goods (December 29, 8:30 am ET): The International Trade in Goods report issues predictions for international US trade. Consensus predicted a loss of $62.0 B, but actually lost $65.3 B.

Jobless Claims (December 29, 8:30 am ET): The Jobless Claims Report measures the number of claims filed for unemployment benefits each week, and offers insight into the health of the US economy. Consensus predicted 262 K new claims while 265 K claims were actually reported.

EIA Petroleum Status Report (December 29, 11:00 am ET):  The EIA Petroleum Status Report measures oil, gasoline, and distillates inventory levels held by the U.S. domestically and abroad. Oil inventory levels increased by 0.6 M barrels, while gasoline and distillates inventory levels decreased by 1.6 M barrels and 1.9 barrels, respectively. 

Upcoming Market Reports

ISM Mfg Index (January 3, 10:00 am ET)The ISM Manufacturing Index is a report which gives an in depth analysis of the manufacturing sector, providing useful information to investors changes in supply and demand, production levels, and buyer confidence. Consensus predicts an index level of 53.8.

FOMC Minutes (January 4, 2:00 PM ET)The Federal Open Market Committee releases notes from each monthly meeting.

Jobless Claims (January 5, 8:30 am ET): The Jobless Claim Report indicates the number of first time claims for unemployment insurance. Consensus predicts 260 K new claims for the upcoming report.

EIA Petroleum Status Report (January 5, 11:00 am ET):  The EIA Petroleum Status Report indicates inventory levels of crude oil, gasoline, and distillates possessed by the United States, locally and globally.  

Employment Situation (January 6, 8:30 am ET)The Employment Situation is a report indicating the status of unemployment levels and changing labor market indicators. Perhaps the greatest factor affecting the precious metals market is the reported unemployment rate change. The unemployment rate is expected to be 4.7%.

International Trade (January 6, 8:30 am ET):  The International Trade report measures changes in imports, exports, and the balance between the two. Consensus estimates a loss of $44.5 B.

Canadian Silver Maple2016 is gone, but the beauty of the 2016 Canadian Silver Maple is still here, and on sale for a limited time! Pick up yours, today, for as low as $1.89 over spot.


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