Silver price is extending declines following presidential elections news.
The silver futures contract gained 0.51% on Tuesday, November 5, as it fluctuated ahead of the presidential elections. Thursday, silver sold off by 3.8% 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 breaking below its recent lows, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.3% lower, as it is trading along the $32.00 level. What about the other precious metals? Gold is 1.4% lower, platinum is 1.6% lower and palladium is 2.6% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s ISM Services PMI release has been higher than expected at 56.0. Today, we will get the Final Services PMI number at 9:45 a.m. The markets will be waiting for the FOMC Rate Decision tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, November 6
- 9:45 a.m. U.S. - Final Services PMI
- 1:01 p.m. U.S. - 30-y Bond Auction
Thursday, November 7
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 3:00 p.m. U.S. - Consumer Credit m/m
- Tentative, U.S. - Mortgage Delinquencies
Paul Rejczak
Stock Trading Strategist