Silver extends advances, follows rallying gold prices.
The silver futures contract gained 3.21% on Friday, September 13, as it accelerated its Thursday’s rally of over 4%. It reacted to a record-breaking advance in gold prices, gaining stock market. On Friday, silver broke above its local high from August 28 and was the highest since July 17. In late August, it pulled back from the $30 level, and on the previous Wednesday, it approached the $28 level.
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 advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.7% higher, as it is trading above the $31 level. What about the other precious metals? Gold is 0.1% lower, platinum is 0.7% lower and palladium is 0.4% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s Preliminary UoM Consumer Sentiment release has been higher than expected at 69.0. Today, we will get the Empire State Manufacturing Index release at 8:30 a.m. The markets are eagerly awaiting the FOMC Rate Decision on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, September 16
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- All Day, China - Bank Holiday
Tuesday, September 17
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index, FOMC Member Logan Speech
Paul Rejczak
Stock Trading Strategist