Silver extended its uptrend, reaching the highest since 2012.
The silver futures contract gained 1.01% on Thursday, September 26, as it extended its uptrend, reaching a new medium-term high of $33.02. Silver was the highest since December of 2012 yesterday. On Tuesday, silver broke above $32 following record-breaking advance in gold.
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 moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% lower, as it is trading along the the $32.30 level. What about the other precious metals? Gold is also 0.3% lower, platinum is 0.1% lower and palladium is 1.7% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Final GDP release has been as expected at +3.0% quarter-over-quarter. Today, we will get the important Core PCE Price Index release at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, September 30
- 9:00 a.m. Eurozone - ECB President Lagarde Speech
- 9:45 a.m. U.S. - Chicago PMI
- 1:00 p.m. U.S. - Fed Chair Powell Speech
- All Day, Eurozone - German Preliminary CPI m/m
- All Day, Canada – Bank Holiday
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist