Compiled 09/15/11 6:00 AM (CT) Statistics: London Gold Fix $1,803.00 -$23.00 LME Copper Stocks 466,150 tons -625 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market early this morning has maintained a pattern of lower highs and lower lows and that probably emboldens the bear camp somewhat. However, silver did show some positive divergence with gold prices this morning and that probably gave some bulls hope. The silver market did see some upward price forecasts from the brokerage community overnight, but that positive vibe might have been countervailed by some negative technical dialogue in the overnight press. Like gold, silver comes into the Thursday morning US trade sitting just above some recent key low points on the charts and the failure to hold above those levels might prompt some knock on technical selling pressure. Perhaps higher equities and gains in copper and energy prices this morning, is providing some indirect support for silver prices in the early action today. If silver is tracking classic or physical commodity market fundamentals, it is possible that higher equities will be a positive to silver today. However, the physical commodity case for silver today, could be challenged in the wake of a series of weak US scheduled data points. Comex Silver Stocks were 103.382 million ounces up 245,938 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were mixed during overnight trading, stock indices in Europe are generally higher this morning. Early indications are that US equity markets will open with moderate gains later on today. The US Dollar is near unchanged levels against most of the major currencies this morning. German Chancellor Merkel stated that Euro Bonds are absolutely wrong. The Swiss bank UBS announced that a rogue trader might have lost up to $2 billion through unauthorized trading. UK Retail Sales during August were down 0.2%, better than expectations. Euro zone CPI during August was up 2.5% year-on-year, in line with forecasts. Major US economic numbers to be released this morning include the August Consumer Price Index, Weekly Jobless Claims and the NY Fed's Manufacturing Index for September at 7:30 AM, August Industrial Production and Capacity Utilization at 8:15 AM, and the Philly Fed's Business Index at 9:00 AM. In addition, Fed Chairman Bernanke and Fed Governor Tarullo will give speeches during the session.
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