Silver price remains below $28 ahead of the important producer inflation release.
The silver futures contract gained 1.52% on Monday, August 12, as it extended its Thursday’s rebound. Last Thursday, silver rebounded from a new local low of $26.50, gaining 2.5%. 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 retracing some of its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% lower, as it is trading closer to the $27.80 level. What about the other precious metals? Gold is 0.1% lower, platinum is 1.0% lower and palladium is 0.2% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the important Producer Price Index release at 8:30 a.m., among others. The market will be also waiting for the CPI announcement tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, August 14
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
- 10:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Paul Rejczak
Stock Trading Strategist