Silver price keeps advancing, breaching the $32 level.
The silver futures contract gained 1.41% on Tuesday, October 15, as it retraced its Monday’s decline of 1.4%, advancing within a short-term consolidation range. On Thursday and on Friday, it was retracing the 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 extending its rebound, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% higher, as it is trading slightly above the $32 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.6% higher and palladium is 0.4% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Empire State Manufacturing Index release has been worse than expected at -11.9. Today, we will get the Import Prices number at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, October 16
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Import Prices m/m
- 2:40 p.m. Eurozone - ECB President Lagarde Speech
- 8:30 p.m. Australia - Employment Change, Unemployment Rate
Thursday, October 17
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Philly Fed Manufacturing Index
- 8:45 a.m. U.S. - ECB Press Conference
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 11:00 a.m. U.S. - FOMC Member Goolsbee Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 10:00 p.m. China - GDP q/y, Industrial Production y/y, Retail Sales y/y
- Tentative, U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist