Silver price is declining ahead of key inflation data this week.
The silver futures contract gained 2.03% on Friday, January 10, as it further extended its uptrend after breaking above the $31 level. On the previous Monday, it broke below the $30 level, trading as low as $29.20. On December 19, 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 retracing the advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.4% lower, as it is trading along the $30.50 level. What about the other precious metals? Gold is 0.7% lower, platinum is 1.3% lower and palladium is 2.3% lower. So, the main precious metals’ prices are lower this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +256,000. The markets will be waiting the important PPI release tomorrow, and the CPI on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, January 13
- 2:00 p.m. U.S. - Federal Budget Balance
Tuesday, January 14
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:00 a.m. U.S. - FOMC Member Schmid Speech
- 3:05 p.m. U.S. - FOMC Member Williams Speech
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist