Compiled 12/01/11 6:00 AM (CT) Statistics: London Gold Fix $1,750.00 +$46.00 LME Copper Stocks 386,700 tons +75 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) For a change, silver has managed an upside breakout on the charts and the market seems to be trading in lockstep with the gold market again. With the rise overnight, March silver reached the highest level since November 17th, with most of that upside action seemingly the result of residual calm from the Euro zone. Certainly silver is benefiting from a gradual improvement in US economic data and that might be expected again today, but the silver market is probably being held back by residual fears that the Euro zone debacle could regain the spot light without notice. Like gold, silver did see some supportive private silver price forecasts for next year, with those bullish targets expected to come on the back of strong investor demand. Silver looks to trade like a classic physical commodity market today and the trade is expecting US data to at least underpin the initial gains in silver prices this morning. Comex Silver Stocks were 108.146 million ounces down 45,716 ounces. Silver stocks have declined 11 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 with moderate losses later on today. The US Dollar is weaker against most of the major currencies this morning. The official Chinese Purchasing Managers index during November was 49.0, for a 1.4 decline from October's levels. French Unemployment during the third quarter was 9.7%, in-line with forecasts. A private survey of Euro zone manufacturing during November was at 46.4, in-line with expectations. Major US economic numbers to be released this morning include Weekly Jobless Claims at 7:30 AM, a private survey of Consumer Confidence at during November at 9:00 AM, a private survey of US manufacturing and October Construction Spending at 9:00 AM, as well as some private surveys of auto sales that will be released during the session. In addition, Fed Regional Presidents Lockhart and Bullard will speak during the session.
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