Daily Silver News: December 16 – Silver Price Moving Along $31

Silver extended its declines; markets await data including Fed release on Wednesday.

The silver futures contract lost 1.87% on Friday, December 13, as it continued its Thursday’s decline of 4.1%. Last week, it sold off retracing the recent advances after a pullback in gold prices. Last Monday, silver broke above its recent trading range and moved near the $33 level, the highest since early November.

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 basically moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: December 16 – Silver Price Moving Along $31 - Image 1

The silver price is 0.3% higher, as it is trading above the $31 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.1% lower and palladium is 0.8% lower. So, the main precious metals’ prices are higher this morning.

Today, we will get the important Flash Manufacturing PMI and Flash Services PMI number at 9:45 a.m. The markets will be waiting for key FOMC release on Wednesday.

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).

Monday, December 16

  • 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI, ECB President Lagarde Speech
  • 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
  • 3:35 a.m. Eurozone - ECB President Lagarde Speech
  • 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 8:30 a.m. U.S. - Empire State Manufacturing Index
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 3:20 p.m. Canada - BOC Governor Macklem Speech

Tuesday, December 17

  • 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
  • 4:00 a.m. Eurozone - German ZEW Economic Sentiment
  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index

Paul Rejczak
Stock Trading Strategist