Daily Silver News: February 14 – Silver Sold Off

Silver price came back to $22 level following CPI release.

The silver futures contract lost 2.69% on Tuesday, February 13, as it sold off after the higher-than-expected consumer inflation number. Yesterday, it came back close to the January 22 local low of around $22. Recently, silver was selling off on strenghtening U.S. dollar and better-than-expected economic data releases, and on January 22, it was the lowest since mid-November.

Today silver is trading slightly lower, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: February 14 – Silver Sold Off - Image 1

The silver price is 0.3% lower, as it is trading along the $22 level. What about the other precious metals? Gold is 0.1% lower, platinum is 1.2% higher and palladium is 1.4% higher. So the main precious metals’ prices are slightly lower this morning.

Yesterday’s Consumer Price Index release has been higher than expected at +0.3% m/m and +3.1% y/y. Today, we won’t get any new important economic data. The markets will be waiting for tomorrow’s Retail Sales number.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Wednesday, February 14

  • 2:00 a.m. U.K. - CPI y/y, Core CPI y/y,
  • 10:00 a.m. U.K. - BOE Governor Bailey Speech
  • 4:00 p.m. U.S. - FOMC Member Barr Speech
  • 7:30 p.m. Australia - Employment Change, Unemployment Rate
  • All Day, China – Bank Holiday

Thursday, February 15

  • 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
  • 3:00 a.m. Eurozone - ECB President Lagarde Speech
  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Empire State Manufacturing Index, Import Prices m/m
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
  • 1:15 p.m. U.S. - FOMC Member Waller Speech
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • 7:00 p.m. U.S. - FOMC Member Bostic Speech
  • All Day, China – Bank Holiday

Paul Rejczak
Stock Trading Strategist