Silver price extends its rally after breaking above the $28 level.
The silver futures contract gained 1.68% on Tuesday, April 9, as it further extended its rally following record-breaking advances in gold prices. It broke above the $28 level, and it was the highest since June of 2021.
On March 21, silver failed to break above its early December local high of $26.34, backing off from the $26 level. Since then, it has been relatively weaker than gold.
Today, silver is trading above the $28 level again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% higher, as it is trading along new medium-term highs. What about the other precious metals? Gold is 0.1% higher, platinum is 0.3% higher and palladium is unchanged. So, the main precious metals’ prices are mixed this morning.
The markets will be awaiting the important Consumer Price Index at 8:30 a.m. It is likely to lead to an increased volatility. Today, we will also get the FOMC Meeting Minutes release, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, April 10
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 8:45 a.m. U.S. - FOMC Member Bowman Speech
- 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 10:30 a.m. Canada - BOC Press Conference
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes, Federal Budget Balance
Thursday, April 11
- 8:15 a.m. U.S. - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 8:45 a.m. U.S. - FOMC Member Williams Speech
- 8:45 a.m. Eurozone - ECB Press Conference
- 1:01 p.m. U.S. - 30-y Bond Auction
- All Day, Eurozone - Eurogroup Meetings
Paul Rejczak
Stock Trading Strategist