Silver remains above $31 following last week’s rebound, gold strength.
The silver futures contract gained 1.65% on Friday, October 11, as it extended its Thursday’s advance of 1.9%, rebounding after its recent declines. Last Tuesday, the market reacted negatively to gold prices breakdown below the $2,650 level, selling off by over 4%. On the previous 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 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 retracing some of its Friday’s rebound, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.1% lower, as it is trading along the $31.40 level. What about the other precious metals? Gold is 0.1% higher, platinum is 1.1% lower and palladium is 1.4% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Producer Price Index release has been slightly lower than expected at 0.0% month-over-month. Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, October 14
- 3:00 p.m. U.S. - FOMC Member Waller Speech
- All Day, U.S. - Bank Holiday
- All Day, Canada - Bank Holiday
Tuesday, October 15
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 11:30 a.m. U.S. - FOMC Member Daly Speech
- 1:00 p.m. U.S. - FOMC Member Kugler Speech
Paul Rejczak
Stock Trading Strategist