Silver moved sharply lower, retracing some of the recent advances.
The silver futures contract lost 3.43% on Wednesday, October 23, as it retraced its recent rally following a pullback in gold prices. Silver retreated from a new long-term high of $35.07. It was the highest since 2012. Earlier this month, silver has been going sideways despite new record highs in gold price.
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 from the $34 level, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.4% higher, as it is trading along the $34.30 level. What about the other precious metals? Gold is 0.8% higher, platinum is 2.0% higher and palladium is 8.4% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Existing Home Sales release has been slightly lower than expected at 3.84 million. Today, we will get the Unemployment Claims release at 8:30 a.m. and Flash Manufacturing PMI, Flash Services PMI numbers 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).
Thursday, October 24
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. U.S. - Unemployment Claims
- 8:45 a.m. U.S. - FOMC Member Hammack Speech
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - New Home Sales
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- All Day - IMF Meetings
- All Day - BRICS Summit
Friday, October 25
- 4:00 a.m. Eurozone - German ifo Business Climate
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist