Silver price breached the $30 level; producer inflation data in focus.
The silver futures contract lost 0.31% on Wednesday, November 13, as it basically went sideways following recent declines. Silver remained slightly below the $31 level despite falling gold prices. It attempted to rebound from its early October local lows.
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 a downtrend, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.9% lower, as it is trading along the $30 level. What about the other precious metals? Gold is 1.1% lower, platinum is 0.4% lower and palladium is 1.1% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s Consumer Price Index release has been as expected at +0.2% month-over-month. Today, we will get the Producer Price Index and the Unemployment Claims releases 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).
- 7:00 a.m. U.S. - FOMC Member Kugler Speech
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 9:00 a.m. U.S. - FOMC Member Barkin Speech
- 2:00 p.m. Eurozone - ECB President Lagarde Speech
- 3:00 p.m. U.S. - Fed Chair Powell Speech
- 4:00 p.m. U.K. - BOE Governor Bailey Speech
- 4:15 p.m. U.S. - FOMC Member Williams Speech
- 9:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Friday, November 15
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m
Paul Rejczak
Stock Trading Strategist