Silver sold off towards $30 level, as gold prices retreated from highs.
The silver futures contract lost 4.39% on Tuesday, October 8, selling off after its Monday’s decline of 1.2%, as it reacted to gold prices breakdown below the $2,650 level. Silver was as low as $30.34 yesterday. Last 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 the previous Tuesday, the market 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% higher, as it is trading closer to the $31 level. What about the other precious metals? Gold is 0.1% higher, platinum is 0.6% lower and palladium is 0.7% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the FOMC Meeting Minutes release at 2:00 p.m. The markets are awaiting key inflation data tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, October 10
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Unemployment Claims
- 9:15 a.m. U.S. - FOMC Member Cook Speech
- 10:30 a.m. U.S. - FOMC Member Barkin Speech
- 11:00 a.m. U.S. - FOMC Member Williams Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
Paul Rejczak
Stock Trading Strategist