Compiled 10/25/11 6:00 AM (CT) Statistics: London Gold Fix $1,656.25 +5.25 LME Copper Stocks 439,150 tons -5,125 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market appears to be underperforming the gold market in the early Tuesday US trade action. In fact, December silver wasn't able to rise above the prior session's high but it was able to spend most of the early action today trading in the upper half of the prior session's trading range. Like gold, silver is expected to behave like a physical commodity market in need of favorable US scheduled data and ongoing hope that the EU will get its act together on the latest EFSF fund solution. At least in the early US action, the copper market was showing some minor weakness and that might have served to hold silver back from tracking upward with the rest of the precious metals markets. Silver is expected to see some minor lift off favorable scheduled US data flows this morning, but that reaction could easily be tempered by headline flow from Europe. While open interest has been on the rise this month, volume trends in silver have seen only fleeting gains and therefore some traders might be waiting for a breakout of the last month's trading range for a definitive signal on trend. The last month's range in December silver is defined as $33.10 to $28.43. Comex Silver Stocks were 106.345 million ounces down 989 ounces. Stocks have declined 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia and Europe were mixed during overnight trading, 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. A private survey of German Consumer Sentiment during late October was at 5.3, higher than market expectations. A measure of French Consumer Confidence during October was at 82, higher than forecasts. The first leg of the Treasury's refunding, the 2-Year Note auction, will have results announced at 12:00 PM. Major US economic numbers to released this morning include a private survey of the US Housing market at 8:00 AM, and a private survey of US Consumer Confidence at 9:00 AM, and private surveys of store sales released during the session.
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