Silver extended its advances; producer inflation number in focus.
The silver futures contract gained 1.80% on Wednesday, March 12, as it extended its Tuesday’s advance of 1.9%. On Tuesday, silver 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 trading sideways ahead of the PPI release, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is unchanged, as it is trading along the $33.70 level. What about the other precious metals? Gold is 0.3% higher, platinum is 1.6% lower and palladium is 0.5% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s CPI release has been slightly lower than expected at +0.2% m/m. Today, we will get the Producer Price Index number at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Friday, March 14
- 3:00 a.m. U.K. - GDP m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist