Weekly Provident Report: March 27 – March 31

Gold: The yellow metal started the week at $1248.86 USD, enjoyed an early climb, and then a sustained fall until the end of the week. Gold rallied slightly on Friday to close at 1249.13 for a functional zero gain.

Silver: Silver started the week $17.82 USD and then enjoyed a continuous climb to the end of the week to close at $18.24 USD (2.4% increase)

Platinum: Platinum opened this week at $966.95 USD, and like gold, enjoyed an early climb, and then a fall to the end of the week to close at $950.00 USD (1.8% decrease)

Palladium: Palladium opened this week at $811.50, dropped dramatically. Palladium closed this week at $797.50 USD for a 1.8% decrease.

Change in Spot Price

Market News

Not surprisingly, there is varied, and often conflicting, information about the status of the market. Some suggest that metals are poised for a major ascent, while others contend that gold’s recent loss is testing the ascending trend line.

The fate of the US Economy remains unclear under Donald Trump’s tenure as President of the United States. Some suggest that the national debt is on a trajectory to double within 30 years.

Silver’s utility in technology is expanding. A research group out of the University of Vermont have discovered a way to make silver wires that are incredibly strong, and as pliable and stretchy as chewing gum.

Market Reports

International Trade in Goods (March 27, 2017 8:30 AM ET): As expected, the trade deficit fell. Indeed the fall exceeded the $-66.5 billion, and returned as $-64.8 billion. While domestic exports continued to fall, the fall in foreign imports great exceeded that of imports.

EIA Petroleum Status Report (March 29, 2017 10:30 AM ET): Petroleum inventories continue to send investor a mixed message. Crude oil inventories increased again this week (0.9 million barrels), while petroleum products fell (gasoline -3.7 million barrels, and distillates -2.5 million barrels).

Gross Domestic Product (March 30, 2017 8:30 AM ET): The GDP returned marginally better than predicted, 2.1% rather than the consensus 2.0%, which was coincidental with slight gains in both silver and palladium.

Jobless Claims (March 30, 2017 8:30 AM ET): Excitement about the positive GDP numbers may have been tempered by an unexpectedly high number of jobless claim. While experts predicted 247,000 jobless claims, 258,000 were actually filed.

Personal Income and Outlays (March 31, 2017 8:30 AM ET): There were no surprises with this report; as expected, personal incomes and consumer spending increased.

Upcoming Market Reports

ISM Mfg Index (April 3, 2017 10:00 AM ET): This is a monthly index calculated by the Institute for Supply Management for the current state of the manufacturing sector. These data are collected by surveying purchasing manufacturers about the direction of production, new orders, order backlogs, their own inventories, customer inventories, employment, supplier deliveries, exports, imports, and prices. The index is then calculated from five of these measures. The previous index returned a score of 57.7

International Trade (April 4, 2017 8:30 AM ET): This is an holistic measure of the state of international trade. This index compares imports to exports across economic sectors. The previous report returned a trade deficits of $-48.5 billion, which means that the value of imported goods and services exceeds that of exported goods and services by $48.5 billion.

EIA Petroleum Status Report (April 5, 2017 10:30 AM ET): This is a report on the change in petroleum inventories in the United States. This is affected by the demand for petroleum, imports, exports, and domestic production of crude oil. The previous report showed a marginal increase in crude oil inventories, with continued decreases in gasoline and distillates.

FOMC Minutes (April 5, 2017 2:00 PM ET): Minutes from the most recent Federal Open Markets Committee meeting will be released.

Jobless Claims (April 6, 2017 8:30 AM ET): This is a measure of the employment situation in the US. It is reported as the number of new claims filed for unemployment benefits. The previous report showed a greater-than-expected increase in the number of new claims.

Employment Situation (April 7, 2017 8:30 AM ET): This reports is a direct measure of employment in the US. The previous report showed an unemployment rate if 4.7%, and an increase in nonfarm payrolls of 235,000.Silver Maple Tank Privy

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