Daily Silver News: September 23 – Silver: More Fluctuations

Paul-Rejczak Paul Rejczak Sep 23, 2024

Silver price keeps going sideways despite new records in gold.

The silver futures contract gained 0.26% on Friday, September 20, as it extended a short-term consolidation despite a record-breaking rally in gold prices. Last Wednesday, silver fluctuated following the FOMC Rate Decision release. Since then, it has been basically going sideways, remaining above the $30 level. In late August, it pulled back from that level, and in early September, 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 pulling back, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: September 23 – Silver: More Fluctuations - Image 1

The silver price is 1.7% lower, as it is trading along the the $31.00 level. What about the other precious metals? Gold is unchanged, platinum is 2.1% lower and palladium is 1.9% lower. So, the main precious metals’ prices are mixed this morning.

Today, we will get the important Flash Manufacturing PMI and Flash Services PMI releases at 9:45 a.m. The PMI data releases from Europe have been worse than expected.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Monday, September 23

  • 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
  • 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
  • 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 8:00 a.m. U.S. - FOMC Member Bostic Speech
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 10:15 a.m. U.S. - FOMC Member Goolsbee Speech
  • 1:00 p.m. U.S. - FOMC Member Kashkari Speech

Tuesday, September 24

  • 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
  • 1:05 a.m. Japan - BOJ Governor Ueda Speech
  • 1:30 a.m. Australia - RBA Press Conference
  • 4:00 a.m. Eurozone - German ifo Business Climate
  • 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m, FOMC Member Bowman Speech
  • 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
  • 1:10 p.m. Canada - BOC Governor Macklem Speech
  • 9:30 p.m. Australia - CPI y/y

Paul Rejczak
Stock Trading Strategist