Weekly Provident Report : January 23 – January 27

Silver price recapSilver opened the week at $17.11 and experienced a slow decline throughout most of the week. Friday afternoon, prices spiked to close the week with a slight gain at $17.14 (0.2% increase).

Gold price recapGold began last week at $1211.01 and also saw a gradual decline in spot price throughout the week to close for a loss at $1191.60 (1.7% decrease).

Platinum price recapPlatinum opened at $979.50 and experienced many highs and lows throughout the week. Ultimately, platinum closed for a minimal gain at $985.50 (0.7% decrease).

Palladium price recap: Palladium began last week at $786.00 and saw significant price drops throughout the week. In the latter part of the week, palladium stabilized to close at $743.50 (5.4% decrease).

Silver Spot Price Chart

 

Market News

The story of last week’s market is the Dow Jones Industrial Average reaching a historic 20,000. Investor sentiment has looked slightly more optimistic in the days following President Trump’s inauguration.

Precious metal prices sank across the board, thanks in part to the Dow 20,000; additionally, Chinese demand for gold to celebrate the Lunar New Year has been less remarkable than anticipated.

Copper, described as the “most strategically important commodity on the planet,” is on an upward tear as industry demand grows. While prolific copper deposits have recently been discovered, their location in a politically precarious Congo create investor concern.

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. The report indicated a PMI level of 55.1.

Existing Home Sales (January 24, 10:00 am ET): The Existing Home Sales report indicates sales numbers for previously constructed residential structures. Consensus predicted 5.538 M sales, but fell short of the reported 5.490 M sales.

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. Inventory levels rose 2.8 M barrels, 6.8 M barrels, and 0.1 M barrels for oil, gasoline, and distillates, respectively.

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 predicted a continued negative balance of $65.4 B, indicating high levels of imports and low export levels. Actual reports indicated a negative balance of $65 B.

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 predicted a range of 244 K to 250 K new claims, but fell very short of the 259 K new jobless claims reported. 

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 predicted 595 K new home sales for the upcoming month; however, only 536 K sales were reported.

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 was predicted to show growth of 2.8% but missed projections. The report indicated a 0.4% decline.

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 report indicated 1.9% growth.

Upcoming Market Reports

Personal Income and Outlays (January 30, 8:30 am ET): Personal Incomes and Outlays indicates the total income of a household and the amount expended on goods and services, making it a good indicator of potential economic growth. The report indicated 0.3% growth.

ISM Manufacturing Index (February 1, 10:00 am ET): The ISM Manufacturing Index measures changes in production, orders, and employment from over 300 manufacturing firms. Consensus predicts a range of 54.0-56.8 for the upcoming report.

EIA Petroleum Status Report (February 1, 10:30 am ET): The EIA Petroleum Status Report measures the US held inventories of oil, gasoline, and distillates, both domestic and abroad.

FOMC Meeting Announcement (February 1, 2:00 pm ET): The FOMC Meeting Announcement releases information on federal interest rate changes.

Jobless Claims (February 2, 8:30 am ET): The Jobless Claims report details the number of new claims for unemployment benefits. Consensus predicts 253 K new claims. 

Employment Situation (February 3, 8:30 am ET): The Employment Situation details a number of changes in the employment sector, perhaps most important being the unemployment rate. The consensus predicts no change from the current 4.7% unemployment rate.

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