Silver remains relatively weak as markets await more economic data, presidential elections.
The silver futures contract lost 1.06% on Wednesday, October 30, as it further extended a short-term consolidation after reaching a new long-term high of $35.07 last Wednesday. Silver is moving sideways despite new records in gold price. Last Wednesday, 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 its yesterday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.2% lower, as it is trading along the $33.70 level. What about the other precious metals? Gold is 0.4% lower, platinum is 1.0% lower and palladium is 2.0% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s JOLTS ADP Non-Farm Employment Change release has been higher than expected at +233,000, and the Advance GDP release has been lower than expected at +2.8%. q/q. Today, we will get the important Core PCE Price Index release at 8:30 a.m., along with the Unemployment Claims number.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 6:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Employment Cost Index q/q, Unemployment Claims, Personal Income m/m, Personal Spending m/m
- 9:45 a.m. U.S. - Chicago PMI
- Tentative, Japan - BOJ Press Conference
Friday, November 1
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- All Day, U.S. - Wards Total Vehicle Sales
- All Day, Eurozone - French Bank Holiday, Italian Bank Holiday
Paul Rejczak
Stock Trading Strategist