Daily Silver News: November 7 – Silver Price Is Down Almost 3%

Silver got back below $23 level again; the market is at previous lows.

The silver futures contract lost 0.22% on Monday, November 6 as it fluctuated following its Friday’s advance of 1.9%. On Friday silver price went back above the $23 level and it extended an almost month-long consolidation. 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 lower as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: November 7 – Silver Price Is Down Almost 3% - Image 1

The silver price is 2.7% lower as it is trading closer to the previous local lows on strengthening U.S. dollar, among other factors. What about the other precious metals? Gold is 1.0% lower, platinum is 1.5% lower and palladium is 2.2% lower. So the main precious metals’ prices are much lower this morning.

Today we won’t get any new important economic data releases, however, there will be speeches from the FOMC Members.

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

Tuesday, November 7

  • 9:15 a.m. U.S. - FOMC Member Barr Speech
  • 10:00 a.m. U.S. - FOMC Member Waller Speech
  • 1:25 p.m. U.S. - FOMC Member Logan Speech
  • 3:00 p.m. U.S. - Consumer Credit m/m
  • Tentative, U.S. - IBD/TIPP Economic Optimism

Wednesday, November 8

  • 4:30 a.m. U.K. - BOE Governor Bailey Speech
  • 5:15 a.m. U.S. - FOMC Member Cook Speech
  • 9:15 a.m. U.S. - Fed Chair Powell Speech
  • 10:00 a.m. U.S. - Final Wholesale Inventories m/m
  • 1:01 p.m. U.S. - 10-y Bond Auction
  • 2:00 p.m. U.S. - FOMC Member Barr Speech
  • 4:45 p.m. U.S. - FOMC Member Jefferson Speech
  • 8:30 p.m. China - CPI y/y, PPI y/y
  • All Day, Eurozone - Eurogroup Meetings

Paul Rejczak
Stock Trading Strategist