Compiled 10/14/11 6:00 AM (CT) Statistics: London Gold Fix $1,676.00 +$20.00 LME Copper Stocks 450,200 tons -2,900 Shanghai Deliverable tocks were 99,661 tons +1,750 SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Silver has been a less-robust follower of gold this week, and not even strong action in the equity markets has lent much support. It is possible yesterday's bearish news about Chinese copper stocks put some pressure on silver, as it raised concerns over industrial demand, but while copper traded to new highs for the week overnight, silver has barely gotten beyond the midpoint of yesterday's range. Still, the market to be in a position to benefit from the safe-haven buying in gold as well as any improvement in the global macroeconomic outlook that is supporting copper and equity markets. Comex Silver Stocks were 106.085 million ounces down 213,182. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Early indications are that US equity markets will open with moderate gains today. The US Dollar is slightly weaker against most of the major currencies, although posting a gain versus the Yen. A major credit rating agency downgraded the sovereign debt of Spain with a negative outlook. G20 Finance Ministers will have a 2-day meeting in Paris starting today. Japanese Corporate Goods were up 2.5% year-on-year, in line with expectations. Chinese CPI during September was up 6.1% year-on-year, in line with forecasts. Chinese PPI during September was up 6.5% year-on-year, lower than market projections. Euro zone Inflation during September was up 3.0% year-on-year, in line with market expectations. Major US economic numbers to be released this morning include September Retail Sales and September Import & Export Prices at 7:30 AM, a private survey of US Consumer Sentiment at 8:55 AM, and August Business Inventories at 9:00 AM.
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