Silver extends its gain from yesterday as markets brace for more economic data.
The silver futures contract gained 3.89% on Wednesday, January 15, as it rallied in a reaction to the Consumer Price Index release. It neared its Friday’s local high and the $32 level. On Friday, silver extended its uptrend after breaking above the $31 level in a reaction to the monthly jobs data, and this week, 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 extending its advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.6% higher, as it is trading along the $31.70 level. What about the other precious metals? Gold is 0.4% higher, platinum is 0.6% higher and palladium is 0.4% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Consumer Price Index release has been as expected at +0.4% month-over-month. Today, we will get the Retail Sales 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).
- 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
Friday, January 17
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 4:00 p.m. U.S. - TIC Long-Term Purchases
Paul Rejczak
Stock Trading Strategist