Silver price was the lowest since early May; Yen crisis in focus.
The silver futures contract lost 4.17% on Monday, August 5, as it sold off in a reaction to the japanese Yen turmoil, stock market’s volatility. Silver broke below the recent lows and reached the daily low at $26.59. Yesterday, it was the lowest since early May. Recently, the market 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.
Today, silver is trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% lower, as it is trading along the $27 level. What about the other precious metals? Gold is 0.3% higher, platinum is unchanged and palladium is 0.8% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s ISM Services PMI release has been slightly higher than expected at 51.4. Today, we will get the Trade Balance number at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, August 7
- 1:01 p.m. U.S. - 10-y Bond Auction
- 3:00 p.m. U.S. - Consumer Credit m/m
- 10:40 p.m. Australia - RBA Governor Bullock Speech
Paul Rejczak
Stock Trading Strategist