Silver price keeps advancing following new record highs in gold.
The silver futures contract lost 1.27% on Wednesday, September 25, as it retraced some of its Tuesday’s rally of over 4% on uncertainty in gold prices, stocks. On Tuesday, silver broke above $32 following record-breaking advance in gold. It was the highest since late May.
Last Wednesday, the market fluctuated after the FOMC Rate Decision release. Since then, it has been basically going sideways, before breaking higher. In late August, it pulled back from that level, and in early September, silver 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 ithe advances, breaking above highs from May, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.4% higher, as it is trading along the the $32.80 level. What about the other precious metals? Gold is also 0.5% higher, platinum is 2.6% higher and palladium is 2.8% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s New Home Sales release has been higher than expected at 716,000. Today, we will get the GDP and Unemployment Claims releases at 8:30 a.m., and a speech from the Fed Chair Powell at 9:20 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, September 26
- 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Final GDP Price Index q/q
- 9:10 a.m. U.S. - FOMC Member Collins Speech, FOMC Member Kugler Speech
- 9:15 a.m. U.S. - FOMC Member Bowman Speech
- 9:20 a.m. U.S. - Fed Chair Powell Speech
- 9:25 a.m. U.S. - FOMC Member Williams Speech
- 9:30 a.m. Eurozone - ECB President Lagarde Speech
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 10:30 a.m. U.S. - FOMC Member Barr Speech, FOMC Member Cook Speech
- 11:15 a.m. U.S. - Treasury Secretary Yellen Speech
- 1:00 p.m. U.S. - FOMC Member Barr Speech, FOMC Member Kashkari Speech
- 6:00 p.m. U.S. - FOMC Member Cook Speaks
- 7:30 p.m. U.S. - Tokyo Core CPI y/y
Friday, September 27
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Goods Trade Balance, Personal Income m/m, Personal Spending m/m, Preliminary Wholesale Inventories m/m
- 8:30 a.m. Canada - GDP m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 1:15 p.m. U.S. - FOMC Member Bowman Speech
Paul Rejczak
Stock Trading Strategist