Silver is rebounding after its yesterday’s decline, nearing the $30 level again.
The silver futures contract lost 1.17% on Wednesday, August 28, as it retraced its recent advances on gold weakness, stock markets’ uncertainty. Last Friday, it retraced its Thursday’s decline on weaker U.S. dollar after Jerome Powell’s speech at the Jackson Hole Symposium. Silver neared the $30 level again, and on Monday, it broke higher, partly due to a change of the contract series. On August 8, 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% higher, as it is trading slightly below the $30 level. What about the other precious metals? Gold is 0.7% higher, platinum is 0.8% higher and palladium is 1.1% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the U.S. Preliminary GDP 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 29
- 8:30 a.m. U.S. - Preliminary GDP q/q, Unemployment Claims, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 3:30 p.m. U.S. - FOMC Member Bostic Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- 9:30 p.m. Australia - Retail Sales m/m
- All Day, Eurozone - German Preliminary CPI m/m
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
Paul Rejczak
Stock Trading Strategist