Silver retraced all of its recent declines; markets await producer inflation number.
The silver futures contract gained 2.52% on Thursday, February 15, as it accelerated its Wednesday’s rebound of over one percent. It reached a local high slightly above the $23 level yesterday. On Tuesday, silver sold off after the higher-than-expected consumer inflation number. It came back close to the January 22 local low of around $22. Recently, silver was selling off on strenghtening U.S. dollar and better-than-expected economic data releases, and on January 22, it was the lowest since mid-November.
Today silver is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% higher, as it is trading above the $23 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.6% lower and palladium is 1.2% lower. So the main precious metals’ prices are higher this morning.
Yesterday’s Retail Sales release has been worse than expected at -0.8% m/m. Today, we will get the important Producer Price Index release 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).
Friday, February 16
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Building Permits, Housing Starts
- 9:10 a.m. U.S. - FOMC Member Barr Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 12:10 p.m. U.S. - FOMC Member Daly Speech
Monday, February 19
- 7:30 p.m. Australia - Monetary Policy Meeting Minutes
- 8:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- All Day, U.S. - Bank Holiday
- All Day, Canada - Bank Holiday
Paul Rejczak
Stock Trading Strategist