Compiled 11/14/11 6:00 AM (CT) Statistics: London Gold Fix $1,780.50 +16.50 LME Copper Stocks 405,400 tons -2,300 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market managed to forge a fresh new high for the move overnight, but like gold, silver was unable to hold those initial higher highs. Also like gold, silver wasn't able to benefit from positive investment banker 12 month silver price forecasts. Even more surprising is the fact that silver wasn't able to sustain early gains today off generally favorable Indian silver import news. Apparently Indian sources think that Indian imports of silver this year could reach 1,000 tons relatively soon but unfavorable currency action has seemingly dampened investment demand in India from the strong levels seen earlier this year. In the end, it would seem like silver is tracking classic physical commodity factors like weaker equities and a rising dollar to start the new trading week. Comex Silver Stocks were 107.852 million ounces down 150,089 ounces. Silver stocks have declined 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were generally higher during overnight trading, stock indices in Europe are mixed this morning. Early indications are that US equity markets will open close to unchanged levels later on today. The US Dollar is moderately higher against most of the major currencies this morning, although posting a loss versus the Yen. Italian Prime Minister Berlusconi resigned after the approval of new austerity measures, with the new government to be headed by Mario Monti. An official agency has projected Chinese inflation to fall below the 5% annual rate by the end of this year. Japanese GDP during the third quarter was up 1.5%, in line with market forecasts. Euro zone Industrial Production during September was down -2.0%, slightly better than expectations. There are no major US economic numbers to be released this morning.
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