Silver continues its decline, trading closer to the $33 level.
The silver futures contract lost 0.13% on Thursday, October 24, as it remained close to local lows following Wednesday’s sell-off of 3.4%. On Wednesday, 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 extending declines, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.4% lower, as it is trading below the $33.40 level. What about the other precious metals? Gold is 0.5% lower, platinum is 2.2% lower and palladium is 0.4% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 227,000. Today, we will get the Durable Goods Orders 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 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
Monday, October 28
- 1:30 p.m. Canada - BOC Governor Macklem Speech
Paul Rejczak
Stock Trading Strategist