Silver continues its consolidation despite new records in gold.
The silver futures contract lost 0.63% on Thursday, October 17, as it fluctuated following its recent advance. Silver went sideways despite a new record high of the gold price. Last Tuesday, the market reacted negatively to gold prices breakdown below the $2,650 level, selling off by over 4%. On the previous Friday, it reached a new medium-term high of $33.22, before retracing closer to the $32 level again. Silver price was the highest since December of 2012.
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 unchanged, as it is trading along the $31.70 level. What about the other precious metals? Gold is 0.7% higher, platinum is 1.5% higher and palladium is 1.8% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Retail Sales release has been higher than expected at +0.4% month-over-month. Today, we will get the Building Permits and Housing Starts numbers at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, October 18
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 12:10 p.m. U.S. - FOMC Member Waller Speech
- Tentative, U.S. - Treasury Currency Report
Monday, October 21
- 8:55 a.m. U.S. - FOMC Member Logan Speech
- 10:00 a.m. U.S. - CB Leading Index m/m
- 1:00 p.m. U.S. - FOMC Member Kashkari Speech
- 5:05 p.m. U.S. - FOMC Member Schmid Speech
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist