Silver advances ahead of the consumer inflation release.
The silver futures contract gained 1.90% on Tuesday, March 11, as it rebounded after its Friday’s-Monday’s pullback, extending a consolidation. Recently, the market kept advancing on run-up in gold prices, weaker USD.
On February 14, it was the highest since late October. On January 27, silver rebounded from a local low of around $30. 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 the advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% higher, as it is trading near the $33.50 level. What about the other precious metals? Gold is unchanged, platinum is 0.9% higher and palladium is 0.3% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s JOLTS Job Openings release has been higher than expected at 7.74 million. Today, we will get the important CPI 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, March 12
- 4:45 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:30 a.m. Canada - BOC Press Conference
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Thursday, March 13
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
Paul Rejczak
Stock Trading Strategist