Silver is selling off as investors await key economic data, tariff developments.
The silver futures contract gained 0.82% on Tuesday, April 29, as it continued its short-term consolidation. Recently, silver has been relatively weaker than gold. In early april, it rebounded from a new local low of $27.55. On March 28, silver reached the highest since 2012.
Today, silver is pulling back, breaking below its recent lows, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 3.1% lower, as it is trading along the $32.30 level. What about the other precious metals? Gold is 1.4% lower, platinum is 1.0% lower and palladium is 0.9% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s JOLTS Job Openings release has been lower than expected at 7.19 million. Today, we will get a series of economic data, including the ADP Non-Farm Employment Change number at 8:15 a.m., and the Advance GDP release 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).
Wednesday, April 30
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Advance GDP q/q, Advance GDP Price Index q/q, Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Core PCE Price Index m/m, Pending Home Sales m/m, Personal Income m/m, Personal Spending m/m
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement, BOJ Outlook Report
- All Day, Germany - German Preliminary CPI m/m
- All Day, China - Bank Holiday
Thursday, May 1
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- Tentative, Japan - BOJ Press Conference
- All Day, Eurozone - French Bank Holiday, German Bank Holiday, Italian Bank Holiday
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist