Silver rebounded following gold moving higher, CPI data.
The silver futures contract gained 1.86% on Thursday, October 10, as it rebounded after the CPI data release, following a rebound in gold prices. On Tuesday, the market reacted to gold prices breakdown below the $2,650 level, selling off by over 4%. Last Friday, it reached a new medium-term high of $33.22, before retracing closer to the $32 level again. Silver price was the highest since December of 2012. On the previous Tuesday, the market 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 extending its rebound slightly, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% higher, as it is trading along the $31.40 level. What about the other precious metals? Gold is 0.7% higher, platinum is 0.2% higher and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Consumer Price Index release has been slightly higher than expected at +0.2% month-over-month. Today, we will get the Producer Price Index number 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).
Friday, October 11
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 9:45 a.m. U.S. - FOMC Member Goolsbee Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 100:45 a.m. U.S. - FOMC Member Logan Speech
- 1:10 p.m. U.S. - FOMC Member Bowman Speech
Monday, October 14
- 3:00 p.m. U.S. - FOMC Member Waller Speech
- All Day, U.S. - Bank Holiday
- All Day, Canada - Bank Holiday
Paul Rejczak
Stock Trading Strategist