Silver continues its yesterday’s advance as markets await the PMI release.
The silver futures contract gained 2.25% on Thursday, January 2, as it rebounded following its recent declines. The market moved higher despite strengthening U.S. dollar, fueled by the rising gold price. On Monday, it broke below the $30 level, and on Tuesday, it traded as low as $29.20. On the previous Thursday, 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 rebound, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.1% higher, as it is trading above the $30 level. What about the other precious metals? Gold is 0.1% higher, platinum is 1.3% higher and palladium is 1.2% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 211,000. Today, we will get the important ISM Manufacturing PMI number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, January 3
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices
- 11:00 a.m. U.S. - FOMC Member Barkin Speech
- All Day, U.S. - Wards Total Vehicle Sales
Monday, January 6
- 9:30 a.m. U.S. - FOMC Member Cook Speech
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - Factory Orders m/m
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist