Silver is retracing some of its Monday’s sell-off; key CPI release in focus.
The silver futures contract gained 0.14% on Tuesday, January 14, as it moved sideways following its Monday’s sell-off of 3.2%. On Friday, silver extended its uptrend after breaking above the $31 level in a reaction to the monthly jobs data, and on Monday and yesterday, it traded closer to the $30 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.2% higher, as it is trading along the $30.70 level. What about the other precious metals? Gold is 0.9% higher, platinum is 0.4% higher and palladium is 2.1% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Price Index release has been lower than expected at +0.2% month-over-month. Today, we will get the Consumer Price Index 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).
Wednesday, January 15
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Empire State Manufacturing Index
- 9:20 a.m. U.S. - FOMC Member Barkin Speech
- 10:00 a.m. U.S. - FOMC Member Kashkari Speech
- 11:00 a.m. U.S. - FOMC Member Williams Speech
- 12:00 p.m. U.S. - FOMC Member Goolsbee Speech
- 2:00 p.m. U.S. - Beige Book
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
Thursday, January 16
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Philly Fed Manufacturing Index, Import Prices m/m
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 11:00 a.m. U.S. - FOMC Member Williams Speech
- 9:00 p.m. China - GDP q/y, Industrial Production y/y, Retail Sales y/y
Paul Rejczak
Stock Trading Strategist