Compiled 10/24/11 6:00 AM (CT) Statistics: London Gold Fix $1,651.00 +28.00 LME Copper Stocks 444,275 tons -3,525 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market has also showed some positive action overnight by rising to the highest level since October 19th in the December silver contract. Like gold, silver seems to be drawing some support from favorable physical commodity market views and hopes that the European leaders will ultimately reach a deal that is strong enough to discourage bond vigilantes. In the mean time, silver seems to be benefiting from supportive currency market action, positive action in physical commodity markets and even some partially supportive long term private investment banker projections for silver prices. While gold saw reports of strong physical demand in Asia overnight, that talk didn't seem to specifically include physical demand for silver. Silver will probably continue to track in sync with the equity markets and inversely with the dollar. Comex Silver Stocks were 106.346 million ounces up 333,707 ounces. The Commitments of Traders Futures and Options report as of October 18th for Silver showed Non-Commercial traders were net long 15,499 contracts, a decrease of 1,912 contracts. The Commercial traders were net short 24,924 contracts, a decrease of 2,418 contracts. The Non-reportable traders were net long 9,425 contracts, a decrease of 506 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 24,924 contracts. This represents a decrease of 2,418 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were generally higher during overnight trading, stock indices in Europe were mixed this morning. Early indications are that US equity markets will open slightly higher later on today. The US Dollar is near unchanged levels against most of the major currencies this morning. The Japanese Trade surplus during September was 300.4 billion Yen, higher than market expectations. A private survey of Euro Zone manufacturing during October was at 47.3, lower than forecasts. A private survey of German manufacturing during October was at 48.9, lower than some projections. Euro zone Industrial New Orders during August were up 1.9%, higher than expectations. The only major US economic number released this morning, will be the Chicago Fed's National Activity Index at 9:00 AM. In addition, there will be two Regional Fed speeches during today's session.
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