Gold: Gold opened this week at $1225.70 USD, and enjoyed an early climb to the week’s high. Gold then dropped midweek with a gradual climb to week’s end. Gold closed this week at $1228.48 USD (0.3% increase).
Silver: Silver opened this week at $16.33 USD, and like gold, enjoyed an early climb to the week’s high and a subsequent fall. Silver then experienced a gradual climb to close at $16.45 USD (0.8% increase).
Platinum: Platinum opened at $914.00 USD, followed the same trend as gold and silver, and closed at $921.75 USD (0.9% increase).
Palladium: Platinum opened at $817.00 USD this week, dropped midweek, and moved laterally to the end of the week to close at $806.90 (1.3% decrease).
One mining CEO believes that silver is greatly undervalued, given the comparative ratios of production and value between gold and silver.
Despite significant indications of economic strength, the dollar is not showing complementary strength; rather, the dollar’s value remains flat.
EIA Petroleum Status Report (May 10, 10:30 AM ET): At long last, there was unanimity among indicators within the EIA Petroleum Status Report. Crude was down 5.2 million barrels, gasoline was down 0.2 million barrels, and distillates were down 1.6 million barrels from last week.
Jobless Claims (May 11, 8:30 AM ET): Once again, US employment statistics surprise economists. It was predicted that there would be approximately 244,000 new claims for unemployment benefits this week, but the Jobless Claims Report returned a mere 236,000. The US employment situation continues to provide support for a strong domestic economy.
Consumer Price Index (May 12, 8:30 AM ET): The CPI met all expectations, though on the tail of the Jobless Claims Report, lacked some luster. The report showed 0.2% increase over last month and 2.2% increase over last year.
Retail Sales (May 12, 8:30 AM ET): Like the CPI, the Retail Sales Report was not too far off economic expectations, showing marginal growth.
Housing Starts (May 16, 8:30 AM ET): The Housing Starts Report presents the number residences whose construction begins within the survey period. The previous report returned 1.215 million starts with 1.260 million permits filed.
Industrial Production (May 16, 9:15 AM ET): Industrial Production reports the percent capacity utilized in the manufacturing, mining, and the electric and gas industries. The last report showed a 0.5% increase in production capacity, and 0.4% decrease in manufacturing capacity.
EIA Petroleum Status Report (May 17, 10:30 AM ET): The EIA Petroleum Status Report returns the state of domestic inventories of crude oil, gasoline, and distillates.
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