Compiled 08/30/11 6:00 AM (CT) Statistics: London Gold Fix $1,787.00 N.A. LME Copper Stocks 464,375 tons -550 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market also looks set to start the Tuesday US action in the lower quarter of the prior session's trading range. Like gold, silver might be partially undermined because of adverse currency market action, but the early weakness in the US equity markets has provided the silver and gold markets with some renewed lift. The silver market is expected to maintain its rather tight track with gold and many expect gold to take some direction today from a series of Fed speeches. As in the gold market, the silver markets reaction to US scheduled data early will probably be monitored closely, as macro economic anxiety has been tamped down by the scheduled data flow of the last two weeks. However, upcoming US payroll data could further tamp down uncertainty, especially if the numbers meet or exceed initial expectations. Comex Silver Stocks were 104.921 million ounces down 404,362 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia and Europe were mixed during overnight trading, early indications are that US equity markets will open with moderate losses later on today. The US Dollar is stronger against most of the major currencies this morning, although posting a loss versus the Japanese Yen. Italy sold 3.75 billion Euros worth of bonds in their first debt auction since the European Central Bank started to purchase their debt. Japanese Unemployment during July was 4.7%, higher than projections. Japanese Retail Sales during July were up 0.7%, lower than expectations. Euro zone Economic Sentiment during August was 98.3, lower than forecasts. Euro zone Consumer Sentiment during August was -16.5, roughly in-line with expectations. Major US economic numbers to be released this morning include a private survey of US Home Prices at 8:00 AM, a private survey of US Consumer Sentiment at 9:00 AM, and private surveys of store sales released during the session. There will also be two Fed speeches during the trade today and an FOMC meeting minutes release early this afternoon.
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