Silver advances after breaking above the $22 level, PPI data in focus.
The silver futures contract gained 0.13% on Tuesday, October 10 as it fluctuated following its last week’s rebound and Friday’s rally of 3.4%. On Friday it advanced after a better-than-expected monthly jobs data release. The market retraced some of its recent declines following bouncing from $21 price level. Last week on Wednesday the market reached new medium-term low of $20.85. and it was the lowest since early March.
Today silver is trading higher as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.1% higher as it is trading above the $22 level. What about the other precious metals? Gold is 0.6% higher platinum is 0.3% lower and palladium is 1.0% lower. So the main precious metals’ prices are higher this morning.
Yesterday’s Final Wholesale Inventories release has been as expected at -0.1% m/m. Today we will get the important Producer Price Index release at 8:30 a.m. and the FOMC Meeting Minutes release at 2:00 p.m. Investors will be also waiting for the CPI number tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, October 11
- 4:15 a.m. U.S. - FOMC Member Bowman Speech
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:15 a.m. U.S. - FOMC Member Waller Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- All Day - IMF Meetings
Thursday, October 12
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - CPI m/m, CPI y/y, Core CPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 9:30 p.m. China - CPI y/y, PPI y/y
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist