Silver is pulling back again, retracing some of its yesterday’s rebound.
The silver futures contract gained 1.67% on Thursday, November 7, as it rebounded after its Wednesday’s sell-off of 4.4%. On Wednesday, it was declining after the presidential elections on Tuesday. Last 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 pulling back again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.9% lower, as it is trading along the $31.50 level. What about the other precious metals? Gold is 0.3% lower, platinum is 1.7% lower and palladium is 2.3% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been slightly lower than expected at 221,000. Today, we will get the Preliminary UoM Consumer Sentiment number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, November 8
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 8:30 p.m. China - CPI y/y, PPI y/y
Monday, November 11
- All Day, U.S. - Bank Holiday
- All Day, Eurozone – French Bank Holiday
- All Day, Canada - Bank Holiday
Paul Rejczak
Stock Trading Strategist