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closes in 5 hrs. 49 mins.Jun 23, 2021 11:12 NY Time
| Bid/Ask | 1788.00 / 1789.00 | |
| Low/High | 1777.30 / 1796.00 | |
| Change | +9.20 | +0.52% |
| 30daychg | -92.50 | -4.92% |
| 1yearchg | +20.50 | +1.16% |
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Silver Price & PGMs
Jun 23, 2021 11:12 NY TimeKitco 10AM Silver Fix
| Silver | 26.12 | +0.36 |
| Platinum | 1080.00 | +11.00 |
| Palladium | 2530.00 | +46.00 |
| Rhodium | 16900.00 | -350.00 |
(Kitco News, Wed. June 23rd , 2021) – Once a major pillar of support for the U.S. economy, the housing sector continues to lose momentum as fewer new homes were sold in May.
The Commerce Department said on Wednesday new home sales rose 5.% to a seasonally adjusted annual rate of 769,000 units last month, down from April’s revised sales rate of 817,000. The data significantly missed expectations as economists were expecting to see a sales rate of 864,000 homes.
This is the second month new home sales were in weaker-than-expected.
New home sales are counted at the signing of a contract, making them a leading housing market indicator.
The gold market is not seeing much reaction to the weaker-than-expected home sales data. Prices remain within striking distance of $1,800 an ounce. August gold futures last traded at $1,792.20 an ounce, up nearly 1% on the day.
According to some economists, the housing market is slowing down as prices continue to rise. The report said that the median sales price of new houses sold in May was $374,400. Meanwhile, the average sales price was $430,600.
“It’s likely that the climb in prices and higher mortgage rates, relative to the start of the year, have cooled the fires of this sector, but for overall economic growth, we’re counting more on services to take the lead,” said Katherine Judge, senior economist at CIBC.
Some economists also noted that home prices could come down as supply starts to increase. The report said that the inventory of new houses for sale at the end of May was 330,000. This represents a supply of 5.1 months at the current sales rate.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com