Silver price is retracing some of its recent decline; economic data in focus.
The silver futures contract lost 1.13% on Monday, September 30, as it extended its Friday’s decline of 1.6%. Last week, silver pulled back from its Thursday’s local high of $33.02 following a retreat in gold prices. On Thursday, silver was the highest since December of 2012. Last Tuesday, it broke above $32 following record-breaking advance in gold.
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 0.7% higher, as it is trading along the the $31.70 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.2% higher and palladium is 0.6% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s Chicago PMI release has been higher than expected at 46.6. Today, we will get the important JOLTS Job Openings, ISM Manufacturing PMI releases at 10:00 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).
Tuesday, October 1
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - JOLTS Job Openings, ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 11:00 a.m. U.S. - FOMC Member Barkin Speech, FOMC Member Bostic Speech, FOMC Member Collins Speech
- All Day, China – Bank Holiday
Wednesday, October 2
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:00 a.m. U.S. - FOMC Member Hammack Speech
- 10:05 a.m. U.S. - FOMC Member Musalem Speech
- 11:00 a.m. U.S. - FOMC Member Bowman Speech
- 12:15 a.m. U.S. - FOMC Member Barkin Speech
- All Day - OPEC-JMMC Meetings
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist