Daily Silver News: November 2 – Silver Price Bouncing Back

Silver price is above $23 level again as USD weakens, stock prices advance.

The silver futures contract lost 0.71% on Wednesday, November 1 as it extended its Tuesday’s decline of 1.9% on strengthening U.S. dollar, interest rate uncertainty. It was as low as $22.65 before bouncing after the FOMC release. On October 4 silver price reached new medium-term low of $20.85 and it was the lowest since early March, and on Friday, October 20 it traded as high as $23.9.

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

Daily Silver News: November 2 – Silver Price Bouncing Back - Image 1

The silver price is 1.7% higher as it is above $23 level again. What about the other precious metals? Gold is 0.5% higher platinum is 0.8% lower and palladium is 0.3% lower. So the main precious metals’ prices are higher this morning.

Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +113,000. The Fed has left interest rates unchanged which led to weaker U.S. dollar and rally on the stock market. Today we will get the Unemployment Claims release 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, November 2

  • 7:30 a.m. U.S. - Challenger Job Cuts y/y
  • 8:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
  • 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
  • 10:00 a.m. U.S. - Factory Orders m/m
  • 9:45 p.m. China - Caixin Services PMI
  • All Day, Japan – Bank Holiday

Friday, November 3

  • 8:00 a.m. U.S. - FOMC Member Barr Speech
  • 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 8:30 a.m. Canada - Employment Change,
  • Unemployment Rate
  • 9:45 a.m. U.S. - Final Services PMI
  • 10:00 a.m. U.S. - ISM Services PMI

Paul Rejczak
Stock Trading Strategist