Silver gains on gold record-breaking rally, weaker USD.
The silver futures contract gained 1.52% on Friday, August 16, as it extended its Thursday’s rally of almost 4% on gold prices record-breaking advance, weaker U.S. dollar. Silver reached the $29 level again; it was the highest since early August. On the previous Thursday, silver rebounded from a new local low of $26.50; it was the lowest since May 3 after selling off on the japanese Yen turmoil, stock market’s volatility.
Today, silver is trading slightly higher, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% higher, as it is trading near the $29 level. What about the other precious metals? Gold is 0.4% lower, platinum is 0.7% lower and palladium is 1.6% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Consumer Sentiment release has been better than expected at 67.8. Today, we will get the CB Leading Index at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, August 19
- 9:15 a.m. U.S. - FOMC Member Waller Speech
- 10:00 a.m. U.S. - CB Leading Index m/m
- 9:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- 9:30 p.m. Australia - Monetary Policy Meeting Minutes
Tuesday, August 20
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m, NHPI m/m
- 1:35 p.m. U.S. - FOMC Member Bostic Speech
- 2:45 p.m. U.S. - FOMC Member Barr Speech
Paul Rejczak
Stock Trading Strategist