Compiled 12/06/11 6:00 AM (CT) Statistics: London Gold Fix $1,720.00 -$22.00 LME Copper Stocks 390,100 tons +600 SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Despite starting out positive yesterday, March silver finished very poorly, and that action seemed to signal fear from the bulls that the EU might disappoint the trade once again. despite a strong US equity market track, a weaker dollar and ongoing faith that the EU would put something positive together by this Thursday or Friday, it appeared as if the longs had lost their resolve. As in the gold market, the silver trade won't see much in the way of first-tier economic data from the US today, but the market might get some support if the weekly private chain store sales readings provide a fresh positive on the US economy. Comex Silver Stocks were 108.431 million ounces, up 260,374. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia and Europe were generally lower during overnight trading, early indications are that the US markets will open with moderate gains today. The US Dollar is slightly weaker against most of the major currencies this morning. A major credit ratings agency warned that 15 nations in the Euro zone could face downgrade if EU leaders do not reach a substantive agreement to resolve their debt crisis by this weekend's summit meeting. Australia's Central Bank cut their benchmark interest rates by 0.25% today. Euro zone GDP during the third quarter was up 0.2%, in line with forecasts. The only major US economic numbers to be released this morning will be private store sales surveys released during the session. In addition, Fed Governor Tarullo will speak during the session.
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