Silver price rallies by more than 3% ahead of economic data.
The silver futures contract lost 1.61% on Wednesday, August 14, as it rebounded from the $28 level, retracing Monday’s advance. Overall, it extended a short-term consolidation following the early August sell-off. 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 advancing and breaking above $28, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 3.0% higher, as it is trading above the $28 level. What about the other precious metals? Gold is 0.7% higher, platinum is 1.3% higher and palladium is 0.6% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Consumer Price Index release has been as expected at +0.2% month over month. Today, we will get the Retail Sales and Unemployment Claims releases at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, August 15
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Empire State Manufacturing Index, Philly Fed Manufacturing Index, Import Prices m/m
- 9:10 a.m. U.S. - FOMC Member Musalem Speech
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 1:10 p.m. U.S. - FOMC Member Harker Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 7:30 p.m. Australia - RBA Governor Bullock Speech
- Tentative, U.S. - Mortgage Delinquencies
- All Day, Eurozone - French Bank Holiday, Italian Bank Holiday
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 1:25 p.m. U.S. - FOMC Member Goolsbee Speech
Paul Rejczak
Stock Trading Strategist