Compiled 11/25/11 6:00 AM (CT) Statistics: London Gold Fix $1,676.00 -$10.00 LME Copper Stocks 394,725 tons -1,250 tons Shanghai Deliverable stocks were 65,205 tons -8,994 SILVER MARKET FUNDAMENTALS: (6:00 AM CT) December silver looks to start the Friday morning trade out below the prior two session's lows. Like gold, silver seems to be fearful of a return to recession, in the wake of a deteriorating Euro zone situation. Instead of seeing a new bold plan from key EU leaders from the meeting yesterday, the markets were only presented with suggestions that EU leaders only promised to avoid arguing in public! With weakness in Asian shares overnight, a stronger dollar and lower US equity markets to start today, the bear camp in silver has to feel like they have the advantage of the headlines. Perhaps some bulls are hopeful that optimism from Black Friday sales activity will cushion silver and other physical commodity markets today. However, despite some positive early estimates of robust sales activity, it could be difficult to unseat the tunnel vision on Euro zone troubles. Comex Silver Stocks were 105.552 million ounces down 334,382 ounces. Silver stocks have declined in 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were mixed during overnight trading, stock indices in Europe are generally lower 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 this morning. Chancellor Merkel of Germany stated that Eurobonds would send the completely wrong signal to the markets. Major credit rating agencies have downgraded the sovereign debt of Portugal and Hungary to junk status. German GDP during the third quarter was up 0.5%, in-line with expectations. A private survey of German business sentiment was 106.6, higher than projections. Japanese CPI during October was down 0.1% year-on-year, in line with market forecasts. French Consumer Confidence during November was 79, lower than market expectations. There are no major US economic numbers to be released this morning.
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