Weekly Provident Report: January 16 – January 20

Silver price recapSilver spot price opened the week at $16.83 and experienced significant movement throughout the week. A mid week spike sent prices above $17; although prices declined slightly towards the end of the week, silver still closed for a gain at $17.07 (1.5% increase).

Gold price recap:  Gold opened just below $1200, at $1198.88. Throughout the early/mid week, prices seemed a bit bullish. The latter half of the week brought the yellow metal down until Inauguration Day, when a surge closed gold at $1209.71 (1.0% increase).

Platinum price recapPlatinum started the week at $985.40 and slowly declined throughout most of the week. Friday brought relief, but the precious metal ultimately closed for a loss at $977.00 (1.0% decrease).

Palladium price recap: Palladium opened the week at $750.18 and experienced a relatively calm week until Friday when prices soared to close the week at $790.00 (5.1% increase).

Market News

Gold prices are experiencing momentum as investors seek safe havens after the swearing in of controversial leader, President Trump.

In addition to rising gold prices, other industrial metals are also seeing growth; copper is on the move, as manufacturing data shows strength for the upcoming year.

Investors are anxious to see how the new president will follow through on his campaign promises; as a result, the markets are in a wait-and-see period without substantial movement.

Market Reports

Consumer Price Index (January 18, 8:30 am ET): The Consumer Price Index reports fluctuation in average purchase totals of goods and services. Consensus accurately predicted growth of 0.3%.

Industrial Production (January 18, 9:15 am ET): The Industrial Production report measures the amount of industrial goods and services produced by factories, mines, and electric and gas utilities. Consensus predicted 0.6% growth, which was just shy of the reported 0.8% growth.

Housing Starts (January 19, 8:30 am ET):  The Housing Starts report indicates the number of new housing products started within the month.  1.266 M new starts were reported.

Jobless Claims (January 19, 8:30 am ET): The Jobless Claims report details the average number of first time claims for unemployment insurance filed within a four week period. Consensus predicted a range of 252 K to 260 K new claims, which was far greater than the actual 234 K claims reported.

Philadelphia Fed Business Outlook Survey (January 19, 8:30 am ET): The Philadelphia Fed Business Outlook Survey measures changes in manufacturing and worker morale in the Tri-State area. Consensus predicts a positive 16.0 change.

EIA Petroleum Status Report (January 19, 11:00 am ET): The EIA Petroleum Status Report details changes in US held inventories of crude oil, gasoline, and distillates. Inventory levels for oil and gasoline grew by 2.3 M barrels and 6.0 M barrels, respectively. The distillates inventory fell by 1.0 M barrels. 

Upcoming Market Reports

PMI Manufacturing Index Flash (January 24, 9:45 am ET): The PMI Manufacturing Index Flash details findings from a monthly survey of private economy activity. This information helps investors see where market growth may occur. 

Existing Home Sales (January 24, 10:00 am ET): The Existing Home Sales report indicates sales numbers for previously constructed residential structures. Consensus predicts 5.538 M sales for the upcoming report.

EIA Petroleum Status Report (January 25, 10:30 am ET): The EIA Petroleum Status Report indicates current inventory levels of crude oil, gasoline, and distillates held by the US on domestic and foreign territories.

International Trade in Goods (January 26, 8:30 am ET):  The International Trade in Goods report measures changes in US imports and exports. The difference is referred to as the trade balance. The consensus predicts a continued negative balance of $65.4 B, indicating high levels of imports and low export levels.

Jobless Claims (January 26, 8:30 am ET): The Jobless Claims report is an important measure of the US economy; it hints at labor market strength by listing the number of first time claims for unemployment benefits. Consensus for the upcoming report predicts a range of 244 K to 250 K new claims.

New Home Sales (January 26, 10:00 am ET): The New Home Sales reports lists the sales number of newly constructed homes in a month. Consensus predicts 595 K new home sales for the upcoming month.

Durable Goods Orders (January 27, 8:30 am ET): The Durable Goods Orders report measures the changing number of  consumer purchases of factory goods and services. The upcoming report is predicted to show growth of 2.8%.

GDP (January 27, 8:30 am ET): The GDP report indicates changes in the country’s gross domestic product- the total value of the US’ production of goods and services. The upcoming report is expected to show 2.2% growth.

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