Silver continues its advance following record-breaking rally in gold prices.
The silver futures contract gained 1.67% on Thursday, March 13, extending its recent advances after a record-breaking rally in gold prices. Silver broke above a local high from February 14, nearing late October high. On Tuesday, it rebounded after its Friday’s-Monday’s pullback, extending a consolidation.
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 its advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.2% higher, as it is trading along the $34.70 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.6% lower and palladium is 0.1% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Price Index release has been lower than expected at 0.0% m/m. Today, we will get the UoM Consumer Sentiment reading at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, March 17
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
Paul Rejczak
Stock Trading Strategist