Silver pulls back following a retreat in gold prices.
The silver futures contract lost 1.62% on Friday, September 27, as it pulled back from its Thursday’s local high of $33.02 following a retreat in gold prices. On Thursday, silver was the highest since December of 2012. On Tuesday, it broke above $32 following record-breaking advance in gold.
On the previous Wednesday, the market fluctuated after the FOMC Rate Decision release. Since then, it has been basically going sideways, before breaking higher. In late August, silver pulled back from that level, and in early September, 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 Friday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.2% lower, as it is trading below the the $31.50 level. What about the other precious metals? Gold is 0.4% lower, platinum is 2.1% lower and palladium is 2.0% lower. So, the main precious metals’ prices are lower this morning.
Friday’s Core PCE Price Index release has been lower than expected at +0.1% month-over-month. Today, we will get the Chicago PMI release at 9:45 a.m., and a speech from the Fed Chair Powell at 1:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, October 1
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - JOLTS Job Openings, ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 11:00 a.m. U.S. - FOMC Member Barkin Speech, FOMC Member Bostic Speech, FOMC Member Collins Speech
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist