Silver price is breaking lower; all eyes on japanese currency, stock markets.
The silver futures contract lost 0.30% on Friday, August 2, as it extended a consolidation, remaining relatively weaker than record-breaking gold. Recently, silver has been reaching the $29 level, retracing some of its late July declines. On previous Thursday, silver lost almost 5%, accelerating its sell-off amid a rout in gold prices. In early July, it was rebounding from the $32 level despite a rally in gold prices.
In May and June, silver was gradually declining from the May 20 new medium-term high of $32.75, and in late June, it was briefly below $29, before rebounding closer to $32 again.
Today, silver is breaking lower on Yen turmoil, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 4.3% lower, as it is trading closer to the $27 level. What about the other precious metals? Gold is 1.0% lower, platinum is 4.3% lower and palladium is 4.6% lower. So, the main precious metals’ prices are lower this morning.
Friday’s Non-Farm Employment Change release has been lower than expected at +114,000. Today, we will get the ISM Services PMI number 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 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 2:00 p.m. U.S. - Loan Officer Survey
- 5:00 p.m. U.S. - FOMC Member Daly Speech
- All Day, Canada – Bank Holiday
Tuesday, August 6
- 12:30 a.m. Australia - Cash Rate, RBA Monetary Policy Statement, RBA Rate Statement
- 8:30 a.m. U.S. - Trade Balance
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist