Silver remains relatively weaker than the record-breaking gold price.
The silver futures contract lost 0.12% on Friday, March 8, as it fluctuated following the recent advances. It remains relatively weaker than the yellow metal, still trading below local highs from mid-December and way below the December 4 local high of over $26.
In the previous week, silver was trading within a short-term consolidation below the $23 level, and a week ago on Friday, it broke above that level. On February 14, it dipped slightly below the January 22 local low of around $22, and it was the lowest since mid-November.
Today silver is trading sideways again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% lower, as it is trading along the $24.50 level. What about the other precious metals? Gold is also 0.1% lower, platinum is 1.3% higher and palladium is 1.2% higher. So, the main precious metals’ prices are virtually flat this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at 275,000, but the Unemployment Rate has also been higher than expected at 3.9%. The markets are waiting for tomorrow’s important Consumer Price Index release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, March 11
- All Day, Eurozone - Eurogroup Meetings
Tuesday, March 12
- 3:00 a.m. U.K. - Claimant Count Change
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist