Silver is breaking the $29 level again; CPI data in focus.
The silver futures contract lost 0.13% on Tuesday, September 10, as it fluctuated following its Monday’s rebound of 1.7%. On Monday, silver retraced some of its Friday’s sell-off of 3.2%. It was advancing on rebounding 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 gaining ahead of the inflation data, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.9% higher, as it is trading above the $29 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.2% lower and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Consumer Price Index release at 8:30 a.m. It will likely lead to a volatility in currencies, metals and stocks.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, September 12
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist