Compiled 12/07/11 6:00 AM (CT) Statistics: London Gold Fix $1,731.00 +$11.00 LME Copper Stocks 389,450 tons -650 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, silver was able to reject noted weakness yesterday and has tended to favor the upper end of the Tuesday trade in the early US Wednesday action. Apparently favorable equity market action yesterday afternoon provided a partial risk-on vibe and that partial risk-on vibe remains in place to start this morning. Also like gold, the silver market might be drafting some positive sentiment off hopes that the ECB might lower interest rates again, but the main event of the week will continue to be the outcome of the EU summit. With the US scheduled report slate somewhat thin today, the silver trade is likely to keep its attention focused on the other side of the Atlantic. It goes without saying that most silver bulls want and need a strong EU solution in order to avoid a quick return to the recent consolidation lows. Comex Silver Stocks were 108.407 million ounces down 24,335 ounces. Silver stocks have declined in 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia and Europe were generally stronger 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. Australian GDP during the third quarter was up 1.0, in line with forecasts. UK Industrial Production during October was down 0.7%, lower than expectations. The only major US economic number to be released this morning will October Consumer Credit at 2:00 PM, as well as a private survey of mortgage applications released before the Wednesday opening. In addition, Fed Governor Raskin will moderate a panel discussion during the session.
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