Silver remains relatively weaker than gold, retracing its recent advances.
The silver futures contract lost 1.20% on Monday, October 7, as it pulled back, remaining within a consolidation. Last Friday, silver reached a new medium-term high of $33.22, before retracing closer to the $32 level again. It was the highest since December of 2012. On the previous Tuesday, it broke above $32 following record-breaking advance in gold.
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 1.4% lower, as it is trading along the $31.50 level. What about the other precious metals? Gold is unchanged, platinum is 0.6% lower and palladium is 0.9% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the Trade Balance release at 8:30 a.m. There will also be speeches from the FOMC Members. The markets are awaiting key inflation data on Thursday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, October 8
- 3:00 a.m. U.S. - FOMC Member Kugler Speech
- 8:30 a.m. U.S. - Trade Balance
- 12:45 p.m. U.S. - FOMC Member Bostic Speech
- 4:00 p.m. U.S. - FOMC Member Collins Speech
- 7:30 p.m. U.S. - FOMC Member Jefferson Speech
- Tentative, U.S. - RCM/TIPP Economic Optimism
- All Day, Eurozone - ECOFIN Meetings
Wednesday, October 9
- 8:00 a.m. U.S. - FOMC Member Bostic Speech
- 9:15 a.m. U.S. - FOMC Member Logan Speech
- 10:30 a.m. U.S. - FOMC Member Goolsbee Speech
- 12:30 p.m. U.S. - FOMC Member Jefferson Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- 5:00 p.m. U.S. - FOMC Member Collins Speech
- 6:00 p.m. U.S. - FOMC Member Daly Speaks
Paul Rejczak
Stock Trading Strategist