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Silver’s comeback week: $53 touched, CPI next

Silver rose 5.75% last week and reached $53.31 early on Monday before easing to about $52.52. The levels analysts name, and why Tuesday’s CPI report matters for the metal.

By c.kerger, San Francisco ·

Silver has had a sharp recovery from its October low. It closed in New York on Friday 6 November at $51.89 an ounce, up $2.82, or 5.75%, from $49.07 a week earlier, FinanceFeeds reports, citing Precious Metals International. Gold gained about 5% over the same week, according to CNBC.

The rise carried into Monday’s Asian trade. CNBC reported spot silver up 2.8% at $53.31 in early trade. It did not hold there: FinanceFeeds had it near $52.52 at 06:45 GMT, up 1.12%, as gold’s own gains narrowed.

Still a long way below January

The rebound starts from a low base. FinanceFeeds cites Trading Economics for silver sitting about 57% below its January record of $121.64. That is the intraday spot high; our earlier piece on the slide explains why other reports quote a lower peak. For the sell-off that preceded this bounce, see Silver’s worst week since June.

The gold-to-silver ratio has moved with it. FinanceFeeds put it near 77.9 on Friday, down from roughly 79, and about 78 on Monday. A falling ratio means silver is outperforming gold. Our gold/silver ratio page tracks it.

The levels analysts name

These are their technical reference points, not ours, as collected by FinanceFeeds. Precious Metals International names support at $50.93, $47.05 and $44.98, and resistance at $53.00, $56.88 and $58.96.

Silver ≈$52.52 $44.98$47.05$50.93$56.88$58.96
Precious Metals International’s levels, to scale, around the price FinanceFeeds reported at 06:45 GMT on Monday 9 November. Its $53.00 resistance sits too close to the marker to label. Below the marker is support, above it resistance.

Others draw similar lines. FXStreet’s Christian Borjon Valencia names support at $48.96 and $48.62, with resistance at $55.00 and then $60.00, the 50-day moving average. FXEmpire’s Christopher Lewis says a move above $55 would be needed to turn bullish, and its Muhammad Umair says a break there could open the way towards $59.75 and then $60.

Why CPI matters more for silver

Silver trades on the same rate outlook as gold, and has tended to move further on it (see Why silver falls harder than gold). US consumer prices are due on Tuesday 10 November and producer prices on Friday 13 November. Traders put a December Fed hike at around 80%, and investingLive calls the CPI release a key test for that pricing. Details are in Rate hikes, not cuts.

Silver also has a second driver that gold does not. FinanceFeeds, citing Silver Institute figures, says about 58% of demand is industrial. The supply side of that story is argued over in Silver’s new floor and Is the silver deficit story over?.

This site does not forecast the price, and nothing here is advice.

Every figure here is as reported by the publications listed under Sources, at the time they reported it. Prices move; the live gold price has the current one. Nothing on this page is investment advice.

Sources 4