Silver extended its sell-off, following gold price weakness.
The silver futures contract lost 1.86% on Monday, December 30, as it extended its Friday’s decline of 1.4% following dropping gold prices. It broke below the $30 level yesterday. On the previous Thursday, silver was the lowest since mid-September as markets reacted to the Wednesday’s Fed release.
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 fluctuating after the recent drop, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower, as it is trading along the $29.30 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.8% lower and palladium is 0.1% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Chicago PMI release has been lower than expected at 36.9. Today, we will get the S&P/CS Composite-20 HPI number at 9:00 a.m. Volatility is likely to decrease ahead of the holiday pause.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, December 31
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- All Day, Eurozone - German Bank Holiday
- All Day, Japan - Bank Holiday
- All Day, China - Bank Holiday
Wednesday, January 1
- All Day - Bank Holiday
Paul Rejczak
Stock Trading Strategist