Silver rallied on inflation data; today, it’s trading along $30.
The silver futures contract gained 3.58% on Wednesday, May 15, as it reached a new long-term high of around $30 following yesterday’s consumer inflation release. It came in lower than expected. The market broke above a three-day-long consolidation, and it was the highest since February of 2021. Recently, silver was advancing on stock markets’ rally, weaker U.S. dollar.
In early April, silver rallied due to Middle East tensions and stronger U.S. dollar, reaching a new medium-term local high of $29.91. Then, it sold off towards a local low of $26.25, reached on May 2.
Today, silver is reaching yet another new long- term highs, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% higher, as it is trading slightly below the $30 level. What about the other precious metals? Gold is 0.2% lower, platinum is 0.9% higher and palladium is 0.4% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Consumer Price Index release has been lower than expected at +0.3% m/m, and the Retail Sales release has also been lower at 0.0% m/m. Today, we will get the Unemployment Claims and Philly Fed Manufacturing Index numbers at 8:30 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).
Thursday, May 16
- 4:00 a.m. Eurozone - ECB Financial Stability Review
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Building Permits, Housing Starts, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - FOMC Member Barr Speech
- 12:00 p.m. U.S. - FOMC Member Mester Speech
- 3:50 p.m. U.S. - FOMC Member Bostic Speech
- 10:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Friday, May 17
- 10:00 a.m. U.S. - CB Leading Index m/m
- 10:15 a.m. U.S. - FOMC Member Waller Speech
Paul Rejczak
Stock Trading Strategist