General Overview: Metals, with the exception of palladium, reclaimed some strength despite a midweek slump. Late Wednesday night, gold, platinum, and silver began a slump that ended late Thursday. These three metals, however, all closed this week for an approximate 2% gain. Palladium, however, lost over 5.5% of its value this week. Unlike its sister metals, palladium followed a steady and controlled fall across the week to close for a loss.
Gold: Gold opened this week at $12229.65 USD, and closed at $1254.43.48 USD (2.0% increase).
Silver: Silver opened this week at $16.50 USD, and closed at $16.45 USD (2.0% increase).
Platinum: Platinum opened at $923.60 USD, followed the same trend as gold and silver, and closed at $943.00 USD (2.1% increase).
Palladium: Palladium opened this at $807.50 USD, and closed at $762.20 USD (5.6% decrease).
Is gold still a good investment? This week’s data represent a resounding “Yes!”, as gold stands to have its best week in over a month.
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Some measures show that the strength of the US dollar is flagging.
Housing Starts (May 16, 8:30 AM ET): This report returns the number of new housing projects started within the survey month, and is a good indicator of general economic strength and consumer sentiment. It was predicted that there would be 1.256 million new housing projects started, but the month fell short with only 1.172 million starts.
Industrial Production (May 16, 9:15 AM ET):This report is a measure of the percent capacity utilized by the manufacturing sector. The previous report showed a 0.5% increase in production capacity, and 0.4% decrease in manufacturing capacity. This report exceeded economists’ expectations, returning a 1% increase in production and manufacturing, and showing a 76.7% capacity utilization rate – level.
EIA Petroleum Status Report (May 17, 10:30 AM ET): Following last week’s trend, inventories of crude oil, gasoline, and distillates all fell this week; a trend that many of us felt at the gas pump.
Jobless Claims (May 18, 8:30 AM ET): The Jobless Claims report returns the number of new claims filed for unemployment benefits. New claims continue their downward spiral with a mere 232,000 claims filed, which is 4,000 less than the previous week.
New Home Sales (May 23, 10:00 AM ET): This report returns the number of homes sold during the survey month that have never been occupied.
Existing Home Sales (May 24, 10:00 AM ET): This report returns the number of homes sold during the survey month that have been occupied at least once.
EIA Petroleum Status Report (May 24, 10:30 AM ET): This is a report of domestic inventories of crude oil, gasoline, and distillates.
FOMC Minutes (May 24, 2:00 PM ET): The Federal Open Markets Committee will release the minutes of their meeting in which they discussed the probability of future interest rate hikes.
International Trade in Goods (May 25, 8:30 AM ET): This is a an advance report that is used to calculate national imports and exports.
Jobless Claims (May 25, 8:30 AM ET): This is a measure of unemployment, and returns the number of new claims filed for unemployment benefits.
Provident Metals is determined to bring you the best bullion deals in the industry. This week, the 2017 3 gram Gold Panda is on sale. Take advantage of gold at a reduced price while our limited supplies last!