Daily Silver News: November 12 – Silver at Early October Lows

Paul-Rejczak Paul Rejczak Nov 12, 2024

Silver price moved lower again; key consumer inflation data in focus tomorrow.

The silver futures contract lost 2.77% on Monday, November 11, as it broke below the recent lows following more declines in gold price. On Wednesday-Friday, silver basically moved sideways following its post-election sell-off. In late October, it reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. Silver was the highest since 2012.

Today, silver is slightly extending its downtrend again, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: November 12 – Silver at Early October Lows - Image 1

The silver price is 0.4% lower, as it is trading along the $30.50 level. What about the other precious metals? Gold is also 0.4% lower, platinum is 1.3% lower and palladium is 1.9% lower. So, the main precious metals’ prices are lower this morning.

Today, we will have several speeches from the FOMC Members. The markets will be waiting for the important consumer inflation release tomorrow.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Tuesday, November 12

  • 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
  • 5:00 a.m. Eurozone - German ZEW Economic Sentiment
  • 6:00 a.m. U.S. - NFIB Small Business Index
  • 10:00 a.m. U.S. - FOMC Member Waller Speech
  • 10:15 a.m. U.S. - FOMC Member Barkin Speech
  • 2:00 p.m. U.S. - FOMC Member Kashkari Speech
  • 5:00 p.m. U.S. - FOMC Member Harker Speech
  • 5:30 p.m. U.S. - FOMC Member Barkin Speech
  • 7:30 p.m. Australia - Wage Price Index q/q
  • Tentative, U.S. - RCM/TIPP Economic Optimism, Cleveland Fed Inflation Expectations, Loan Officer Survey

Wednesday, November 13

  • 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
  • 9:45 a.m. U.S. - FOMC Member Logan Speech
  • 1:00 p.m. U.S. - FOMC Member Musalem Speech
  • 1:30 p.m. U.S. - FOMC Member Schmid Speech
  • 2:00 p.m. U.S. - Federal Budget Balance
  • 6:00 p.m. Australia - RBA Governor Bullock Speech
  • 7:30 p.m. Australia - Employment Change, Unemployment Rate

Paul Rejczak
Stock Trading Strategist