Silver price is still relatively weaker than gold; markets await Powell’s testimony.
The silver futures contract gained 0.15% on Monday, February 10, as it fluctuated despite new record highs in gold prices. Silver remained relatively weaker. On the prior Monday, it was the lowest since early January, reaching a local low of $30.03, and on Tuesday, it crossed the $33 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 trading lower, extending its consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% lower, as it is trading along the $32.20 level. What about the other precious metals? Gold is 0.2% lower, platinum is 0.9% lower and palladium is 2.4% lower. So, the main precious metals’ prices are lower this morning.
Today, markets will be waiting for the Fed Chair Powell Testimony at 10:00 a.m. Tomorrow, we will get the important consumer inflation data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, February 11
- 6:00 a.m. U.S. - NFIB Small Business Index
- 7:15 a.m. U.K. - BOE Governor Bailey Speech
- 8:50 a.m. U.S. - FOMC Member Hammack Speech
- 10:00 a.m. U.S. - Fed Chair Powell Testimony
- 3:30 p.m. U.S. - FOMC Member Bowman Speech, FOMC Member Williams Speech
Wednesday, February 12
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 10:00 a.m. U.S. - Fed Chair Powell Testimony
- 12:00 p.m. U.S. - FOMC Member Bostic Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 5:05 p.m. U.S. - FOMC Member Waller Speech
Paul Rejczak
Stock Trading Strategist