Silver is retracing more of the Friday’s sell-off; tomorrow’s CPI data in focus.
The silver futures contract gained 1.66% on Monday, September 9, as it retraced some of its Friday’s sell-off of 3.2%. Silver advanced following a rebound in gold prices and stocks. On Friday, it sold off after the monthly jobs data release, reaching the lowest since mid-August. Two weeks ago, it pulled back from the $30 level, and last Wednesday, it approached the $28 level.
On August 8, silver rebounded from a new local low of $26.50; it was the lowest since May 3 after selling off on the japanese Yen turmoil, stock market’s volatility.
Today, silver is extending yesterday’s rebound, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% higher, as it is trading near the $28.80 level. What about the other precious metals? Gold is 0.1% higher, platinum is unchanged and palladium is 1.6% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Final Wholesale Inventories release has been lower than expected at +0.2% month over month. The markets will be waiting for the important CPI number release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, September 10
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:10 a.m. Canada - BOC Governor Macklem Speech
- 10:00 a.m. U.S. - FOMC Member Barr Speech
Wednesday, September 11
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 1:01 p.m. U.S. - 10-y Bond Auction
Paul Rejczak
Stock Trading Strategist