Daily Silver News: December 14 – Silver Price Rallies

Silver is much higher following yesterday’s FOMC release, it’s back above $24.

The silver futures contract lost 0.41% on Wednesday, December 13 as it extended a short-term consolidation ahead of the FOMC monetary policy release. The market went to new local low of $22.78 before reversing higher and rallying after the Fed’s news. Recently silver was extending the downtrend that started last Monday after an overnight short squeeze price action in gold price. Silver retraced all of its recent advances and yesterday it was below $23 level. In previous weeks it retraced all of November’s declines following lower-than-expected Consumer Price Index release. On November 13 silver bounced from new local low of $21.92.

Today silver is rallying back above $24 as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: December 14 – Silver Price Rallies - Image 1

The silver price is 6.0% higher as it is trading along $24.40. What about the other precious metals? Gold is 2.6% higher, platinum is 0.5% higher and palladium is 2.4% higher. So the main precious metals’ prices are much higher this morning.

Yesterday’s Producer Price Index release has been as expected at 0.0% m/m. Precious metals rallied following a dovish FOMC Statement release at 2:00 p.m. They extended their rally after the Fed’s Press Conference at 2:30 p.m. Today we will get the Unemployment Claims and Retail Sales releases 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).

Thursday, December 14

  • 7:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Unemployment Claims, Retail Sales m/m, Core Retail Sales m/m, Import Prices m/m
  • 8:45 a.m. Eurozone - ECB Press Conference
  • 10:00 a.m. U.S. - Business Inventories m/m
  • 9:00 p.m. China - Industrial Production y/y, Retail Sales y/y

Friday, December 15

  • 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
  • 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
  • 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 8:30 a.m. U.S. - Empire State Manufacturing Index
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 12:25 p.m. Canada - BOC Governor Macklem Speech

Paul Rejczak
Stock Trading Strategist