Silver price remains near $33 as markets await presidential elections, Thursday’s Fed.
The silver futures contract lost 0.35% on Friday, November 1, as it slightly extended its Thursday’s sell-off of 3.8%. On Thursday, silver sold off following a retreat in gold prices amid economic data, stock prices pullback. Recently, it kept moving sideways despite new records in gold price. On the previous Wednesday, it was the highest since 2012.
On August 8, silver rebounded from a new local low of $26.50; it was the lowest since early May after selling off on the japanese Yen turmoil, stock market’s volatility.
Today, silver is rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.9% higher, as it is trading near the $33.00 level. What about the other precious metals? Gold is 0.1% higher, platinum is 0.7% higher and palladium is 0.8% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s Nonfarm Payrolls release has been much lower than expected at +12,000. Today, we will get the Factory Orders number at 10:00 a.m. The markets will be waiting for tomorrow’s Presidential Election and the FOMC Rate Decision on Thursday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, November 4
- 10:00 a.m. U.S. - Factory Orders
- 10:30 p.m. Australia - Cash Rate, RBA Monetary Policy Statement, RBA Rate Statement
- All Day, Eurozone - Eurogroup Meetings
Tuesday, November 5
- 8:30 a.m. U.S. - Trade Balance
- 10:00 a.m. U.S. - ISM Services PMI
- 1:01 p.m. U.S. - 10-y Bond Auction
- All Day, U.S. - Presidential Election, Congressional Elections
Paul Rejczak
Stock Trading Strategist