Compiled 09/19/11 6:00 AM (CT) Statistics: London Gold Fix $1,817.00 +$39.00 LME Copper Stocks 469,125 tons +3,100 SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market wasn't initially able to carve out a higher high this morning relative to Friday's highs and silver prices this morning were barely holding above the mid point of last week's range. Silver seems to be tracking with physical commodities this morning, but with gold not giving off definitive strength this morning, the action in gold market not be significant enough to fully influence silver in the early going. All things considered, there appears to be a risk-off environment in place this morning, but yet Treasuries seem to be one of the few flight-to-quality markets which have managed to react positively to the headline developments overnight. In short, flight to quality buyers of silver are probably a little disappointed with the reaction in silver prices this morning. Some bulls hope that signs of additional easing from the Fed later this week will underpin silver prices, while others think that the situation in Greece will ultimately serve to drive money back into silver. Comex Silver Stocks were 104.796 million ounces up 158,765 ounces. Comex Silver stocks are at their highest levels in the past 10 sessions. The Commitments of Traders Futures and Options report as of September 13th for Silver showed Non-Commercial traders were net long 33,203 contracts, a decrease of 1,332 contracts. The Commercial traders were net short 54,064 contracts, a decrease of 2,156 contracts. The Non-reportable traders were net long 20,861 contracts, a decrease of 823 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 54,064 contracts. This represents a decrease of 2,155 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were mixed during overnight trading, stock indices in Europe are generally weaker this morning. Early indications are that US equity markets will open with substantial losses later on today. The US Dollar is stronger against most of the major currencies this morning, although posting a small loss versus the Yen. EU finance ministers met in Poland over the weekend, but failed to come up with any new plan to stabilize Greece's finances. The Greek Prime Minister cancelled a visit to the US in order to have an emergency Cabinet meeting. The only major US economic numbers to be released this morning is a private survey of the US Housing.
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