Silver is retracing its Tuesday’s post-CPI data sell-off, getting closer to $23 level again.
The silver futures contract gained 1.05% on Wednesday, February 14, as it retraces a part of its Tuesday’s sell-off of 2.7%. On Tuesday, silver sold off after the higher-than-expected consumer inflation number. 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 rebounding and further retracing its Tuesday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.5% higher, as it is trading along the $22.75 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.8% higher and palladium is 2.9% higher. So the main precious metals’ prices are higher this morning.
Today, we will get the Retail Sales, Unemployment Claims, Empire State Manufacturing Index releases at 8:30 a.m., and the Industrial Production at 9:15 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, 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
Friday, February 16
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Building Permits, Housing Starts
- 9:10 a.m. U.S. - FOMC Member Barr Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 12:10 p.m. U.S. - FOMC Member Daly Speech
Paul Rejczak
Stock Trading Strategist