Weekly Provident Report: April 10 – April 14

Gold: Opening at the $1254.71 USD, gold enjoyed a strong week. Gold climbed consistently across the week to close at $1285.69 USD (2.5% increase).

Silver: This white metal opened this week at $17.99 USD, and like gold, enjoyed a week-long climb. Silver closed at $18.55 USD (3.1% increase).

Platinum: Platinum followed the same trend as silver and gold; it opened at $954.00 USD, climbed across the week, and closed at $973.15 USD (2.0% increase).

Palladium: The increased in the palladium spot price were coincidental with the other metals, though palladium closed for a loss this week. Palladium opened at $801.75 USD, and closed at $796.58 USD (0.7% decrease).

Market News

Robert McEwen, one of gold’s strongest proponents, suggests that the gold price rally has just begun.

Gold prices seem to be taking advantage of the weakening dollar.

New gold trading applications are being tested, which will benefit the transparency of gold pricing.


Market Reports

EIA Petroleum Status Report (April 12, 10:30 AM ET): Contrary to previous weeks, there was consensus among the petroleum products measured in the EIA status report; the inventories of crude oil, gasoline, and distillates all fell this week.

Jobless Claims (April 13, 8:30 AM ET): Consistent with last week, the number of new claims for unemployment benefits was much lower than predicted by economists.

PPI-FD (April 13, 8:30 AM ET): The PPI-FD report showed that inflation at the wholesale level is more subdued than expected.

Consumer Price Index (April 14, 8:30 AM ET): This report greatly disappointed economists,a and returned indices far lower than the consensus prediction, and the lower end of the consensus range.

Retail Sales (April 14, 8:30 AM ET): Like the Consumer Price Index, the Retail Sales report suggests that consumer spending is in trouble.

Upcoming Market Reports

Housing Starts (April 18, 8:30 AM ET): This report returns the number new construction projects for structures whose primary purpose is residence.

Industrial Production (April 18, 9:15 AM ET): This is a monthly index of domestic production in the manufacturing, mining, and electric and gas industries. This report also returns an estimate of the percent of capacity used during the survey period.  It is predicted that there will be a 0.4% increase in production, and a 0.3% increase in manufacturing (month-over-month).

EIA Petroleum Status Report (April 19, 10:30 AM ET): The EIA Status Report returns the domestic inventories of crude oil, gasoline, and distillates.

Jobless Claims (April 20, 8:30 AM ET): This reports the number of new claims filed for unemployment benefits. This has recently been an indicator of economic strength, though a slight increase is predicted over last week’s surprisingly low report.

Existing Home Sales (April 21, 10:00 AM ET): This reports the number of existing homes sold within the survey period. An increase over the last report is predicted.

Experts are predicting that the gold spot price rally is just beginning; buy a 1/10 oz American Gold Eagle, on sale for this week only!


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