Statistics: London Gold Fix $1,723.25 +$13.25 LME Copper Stocks 239,600 tons -175 tons
SILVER MARKET FUNDAMENTALS: (6:00 AM CT) At least in the early going today, December silver seems to have outperformed the gold market, as silver prices in the early going have forged a fresh upside breakout on the charts. With the rise this morning December silver prices reached up to the highest level seen since October 19th and perhaps some of the fresh buying was technical stop loss buying. Like gold, silver probably needs to see something positive from a very active US data schedule today, especially in face of early weakness in equities and a rise in the value of the dollar. Favorable data from the US later this morning could begin to countervail talk that the storm is cutting into already anemic US growth and therefore silver and other physical commodity markets probably need assistance from the US numbers this morning to claw out further gains. Comex Silver Stocks were unchanged at 142.362 million ounces.
OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese shares were higher in the wake of talk that property curbs might be restrained but sentiment was also improved in the wake of an up tick in Chinese PMI data. European equity markets were also showing some initial gains in the wake of some favorable earnings news, but residual evidence of slowing in Europe kept upside traction limited. US equities have started out on a weaker footing, off concerns that the storm is going to cut into feeble US growth rates. The focus of the markets will probably shift back to US employment figures, as a couple private jobs reports are due out this morning from ADP and Challenger. The US economic report slate is also very active today and therefore the condition of the US economy is likely to impact a number of physical commodity markets today.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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