Silver is fluctuating following inflation data, Fed; markets await PPI number.
The silver futures contract gained 3.54% on Wednesday, June 12, as it reacted to a lower-than-expected Consumer Price Index release. Silver rebounded after its last Friday’s sell-off over 6%. On Friday, the market sold off following jobs data, stronger U.S. dollar. Last Thursday, silver gained over 4%,and on Friday, it retraced the whole advance, breaking below the $30 level.
On Monday, May 20, silver reached a new long-term high of $32.75. In early April, silver rallied due to Middle East tensions, reaching a new medium-term local high. Then, it sold off towards a local low of $26.25, reached on May 2.
Today, silver is retracing most of its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 3.2% lower, as it is trading along the $29.30 level. What about the other precious metals? Gold is 1.1% lower, platinum is 1.7% lower and palladium is 1.6% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s CPI release has been slightly lower than expected at 0.0% m/m. Today, we will get the Producer Price Index and Unemployment Claims releases 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, June 13
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 12:00 p.m. U.S. - Treasury Secretary Yellen Speech, FOMC Member Williams Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement
Friday, June 14
- 8:30 a.m. U.S. - Import Prices m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 1:30 p.m. Eurozone - ECB President Lagarde Speech
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist