Silver rebounded, extending its consolidation; PPI data in focus.
The silver futures contract gained 1.43% on Wednesday, February 12, as it advanced within its consolidation. It continues to fluctuate despite new records in gold price. 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 sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% higher, as it is trading along the $32.80 level. What about the other precious metals? Gold is 0.7% lower, platinum is 1.1% higher and palladium is 0.8% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Consumer Price Index release has been slightly higher than expected at +0.5% month-over-month. Today, we will get the PPI number at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, February 13
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
Friday, February 14
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales 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
- 3:00 p.m. U.S. - FOMC Member Logan Speech
Paul Rejczak
Stock Trading Strategist