Silver price moves basically sideways despite gold prices rally; PPI data in focus.
The silver futures contract gained 0.67% on Wednesday, December 11, as it extended its recent advances. However, the white metal remained relatively weaker than the rallying gold price. On Monday, silver broke above its recent trading range and moved near the $33 level, the highest since early November. It advanced after gold prices breakout following Friday’s employment data.
On November 14, silver was the lowest since mid-September, before reboundng and breaking above the $30 level. In late October, silver reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is moving sideways again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% lower, as it is trading along the $32.80 level again. What about the other precious metals? Gold is 0.5% lower, platinum is unchanged and palladium is 0.1% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s Consumer Price Index release has been as expected at +0.3% month-over-month. Today, we will get the ECB interest rate decision at 8:15 a.m., and the Producer Price Index release at 8:30 a.m.
Friday’s Flash Manufacturing PMI release has been as expected at 48.8, and the Flash Services PMI number has been higher than expected at 57.0. Today, we won’t get any new economic data. The markets will be waiting for the CB Consumer Confidence release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 8:45 a.m. Eurozone - ECB Press Conference
- 1:01 p.m. U.S. - 30-y Bond Auction
Friday, December 13
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - Import Prices m/m
Paul Rejczak
Stock Trading Strategist