Silver rallied over 3%, and today, it’s still stronger than gold.
The silver futures contract gained 3.12% on Wednesday, March 13, as it broke above the recent trading range and the $25 price level. The market caught up with the recent gold’s strength as the yellow metal extended a short-term consolidation.
Last week, silver was relatively weaker than gold, 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 higher, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% higher, as it is trading above the $25.20 level. What about the other precious metals? Gold is 0.3% lower, platinum is 0.5% lower and palladium is 1.3% higher. So, the main precious metals’ prices are mixed this morning.
Today, the markets are waiting for the important Producer Price Index release at 8:30 a.m. We will also get the Retail Sales and Unemployment Claims numbers.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, March 14
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims
- 10:00 a.m. U.S. - Business Inventories m/m
Friday, March 15
- 8:30 a.m. U.S. - Empire State Manufacturing Index, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist