Silver extends its advance after breaking the $32 level; Trump’s speech in focus.
The silver futures contract gained 2.58% on Monday, March 3, as it rallied following advancing gold prices on geopolitics, stock markets’ uncertainty. Recently, silver has been pulling back despite gold moving sideways in 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 higher again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.6% higher, as it is trading along the $32.50 level. What about the other precious metals? Gold is 1.1% higher, platinum is 0.2% lower and palladium is 0.7% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s ISM Manufacturing PMI release has been lower than expected at 50.3. Today, we will get a speech from Donald Trump at 9:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, March 5
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 2:00 p.m. U.S. - Beige Book
Paul Rejczak
Stock Trading Strategist