Silver continues sideways despite new records in gold price.
The silver futures contract lost 0.14% on Wednesday, February 5, as it fluctuated following its recent advances. Silver remains relatively weaker than the record-breaking gold price. Last Monday, silver 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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.1% lower, as it is trading along the $32.60 level. What about the other precious metals? Gold is unchanged, platinum is 0.6% higher and palladium is 0.3% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s ADP Non-Farm Employment Change release has been higher than expected at 183,000. Today, we will get the Unemployment Claims 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 6
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 7:30 a.m. U.S - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 10:00 a.m. Canada - Ivey PMI
- 2:30 p.m. U.S. - FOMC Member Waller Speech
- 3:30 p.m. U.S. - FOMC Member Daly Speech
Friday, February 7
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 9:25 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Final Wholesale Inventories m/m
- 12:00 p.m. U.S. - FOMC Member Kugler Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
Paul Rejczak
Stock Trading Strategist