Silver is slightly above $28 again; markets await inflation data this week.
The silver futures contract lost 0.07% on Friday, August 9, as it fluctuated following its Thursday’s advance of 2.5%. On Thursday, the market rebounded from a new local low of $26.50. Silver was the lowest since May 3. Last Monday, it reacted to the japanese Yen turmoil, stock market’s volatility, selling off by over 4%.
Today, silver is extending the rebound, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.6% higher, as it is trading above the $28 level. What about the other precious metals? Gold is 0.4% higher, platinum is 1.4% higher and palladium is 2.3% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the Federal Budget Balance release at 2:00 p.m., among others. The markets will be waiting for the important PPI release tomorrow and the CPI on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, August 12
- 2:00 p.m. U.S. - Federal Budget Balance
- 9:30 p.m. Australia - Wage Price Index q/q
- Tentative, U.S. - Cleveland Fed Inflation Expectations
- Tentative, China - New Loans
Tuesday, August 13
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 1:15 p.m. U.S. - FOMC Member Bostic Speaks
Paul Rejczak
Stock Trading Strategist