Silver price is retracing it Friday’s decline, rallying back above $32.
The silver futures contract lost 1.91% on Friday, February 28, as it continued its Thursday’s decline of 1.4%. It was the lowest since late January. Recently, silver has been pulling back despite gold moving sideways in a consolidation. On February 14, silver was the highest since late October. On January 27, it 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 3.0% higher, as it is trading above the $32 level. What about the other precious metals? Gold is 1.3% higher, platinum is 1.2% higher and palladium is 2.1% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Core PCE Price Index release has been as expected at +0.3% month-over-month. Today, we will get the ISM Manufacturing PMI release at 10:00 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).
Monday, March 3
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- All Day, U.S. - Wards Total Vehicle Sales
Tuesday, March 4
- 9:15 a.m. Japan - BOJ Governor Ueda Speech
- 2:20 p.m. U.S. - FOMC Member Williams Speech
- 7:30 p.m. Australia - GDP q/q
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist