Silver price remains near $29, as markets await PPI data, ECB decision.
The silver futures contract gained 1.10% on Wednesday, September 11, as it extended 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 slightly extending its advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% higher, as it is trading above the $29 level again. What about the other precious metals? Gold is unchanged, platinum is 0.3% higher and palladium is 0.6% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Consumer Price Index release has been slightly higher than expected at +0.3% month-over-month. Today, we will get the Producer Price Index and Unemployment Claims releases at 8:30 a.m. Before that, at 8:15 a.m., the European Central Bank will release its Rate Decision.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
- 8:30 a.m. U.S. - Import Prices m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 10:00 p.m. China - Industrial Production y/y, Retail Sales y/y
- All Day, Eurozone - ECOFIN Meetings, Eurogroup Meetings
Paul Rejczak
Stock Trading Strategist