Compiled 10/11/11 6:00 AM (CT) Statistics: London Gold Fix $1,662.00 +$1.00 LME Copper Stocks 409,950 tons -52,575 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, silver is more focused on broader market concerns than near-term fundamentals these days. Yesterday the market found some support over optimism over an agreement among the leaders of France and Germany to stand behind Europe's banks, as well as a sense of relief that the US was not headed for a second recession. It is possible that some of that optimism faded overnight, or at least the reality set in that the US economy has not suddenly recovered or the EU debt situation has not suddenly been solved. Silver did not react as bullishly yesterday as the stock market and other commodity markets, and this may have proved disappointing to the bulls. Still, if the leaders of Europe do come up with a plan, it could ultimately prove to be supportive to silver, as it could boost industrial demand and possibly boost inflation. Comex Silver Stocks were 105.948 million ounces up 13,239. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were generally higher during overnight trading, stock indices in Europe are generally weaker this morning. 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. Slovakia will vote on expanding the powers of the Euro zone rescue fund later on today. A summit of EU leaders has been delayed until October 23rd in order to develop additional plans to deal with Euro zone sovereign debt problems. UK Industrial Production during August was up 0.2%, higher than expectations. Major US economic numbers to be released this morning include private surveys of store sales released during the session.
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