Weekly Provident Report : January 30 – February 3

Silver price recapSilver began the week at $17.21 and slowly increased throughout the week. By mid week, silver spot price grew $0.40, then subsequently declined slightly to close at $17.50 (1.7% increase).

Gold price recapGold started the week just under $1200 at $1192.39. Like silver, gold experienced a fairly mild week and slowly increased in price to close the week at $1219.88 (2.3% increase).

Platinum price recap: Platinum opened at $988.60 and slowly but steadily increased in spot price, closing for a gain at $1003.50 (1.5% increase).

Palladium price recap: Palladium started the week at $741.50 and experienced the least amount of movement throughout the week to close at $746.50 (1.0% increase).

Market News

It is no secret President Trump has been the source of investor concern due to his unpredictable tweets. This uncertainty leaves many rushing to the age-old safe haven, gold. Economists predict 6% growth by year’s end.

Gold prices are already on the rise, on track to settle Monday’s market at a 3 month high. Silver and the platinum metals group is also seeing significant early week gains.

In addition to Trump woes, precious metals prices remained strong due to last week’s FOMC meeting, where Fed interest rates remained unchanged.

Market Reports

Personal Income and Outlays (January 30, 8:30 am ET): Personal Incomes and Outlays measures the total income of a household in relation to the total expenses. The report indicated 0.3% growth.

ISM Manufacturing Index (February 1, 10:00 am ET): The ISM Manufacturing Index reports employment and production changes from a group of over 300 manufacturing firms to illuminate potential GDP growth.  The report indicated the Index level to be 56.0.

EIA Petroleum Status Report (February 1, 10:30 am ET): The EIA Petroleum Status Report indicates changes in oil, gasoline, and distillates levels held by the US. The report indicated a positive weekly change of 6.5 M barrels, 3.9 M barrels, and 1.6 M barrels for oil, gasoline, and distillates, respectively.

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

Jobless Claims (February 2, 8:30 am ET): The Jobless Claims report measures first time state filings for unemployment benefits. The report indicated 246 K new claims. 

Employment Situation (February 3, 8:30 am ET): The Employment Situation measures changes in several facets of the labor market- one of which is the unemployment rate which can have significant impact on the market. The consensus predicted no change from the current 4.7% unemployment rate, but the report indicated a minimal 0.1% increase to 4.8%.

Upcoming Market Reports

International Trade (February 7, 8:30 am ET): The International Trade report measures the balance between the country’s imports and exports. Consensus predicts a $45.0 B loss.

EIA Petroleum Status Report (February 8, 10:30 am ET): The EIA Petroleum Status Report is a measure of the local and foreign inventory levels of oil, gasoline, and distillates held by the US.

Jobless Claims (February 9, 8:30 am ET): The Jobless Claims report measures the number of first time claims for unemployment insurance; this report is a good indicator of the strength of the labor market. Consensus predicts 250 K new claims. Provident Prospector

For low priced, attractive silver, check out the Provident Prospector 1 oz Silver Round, on sale now.


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