Compiled 12/08/11 6:00 AM (CT) Statistics: London Gold Fix $1,739.00 +$8.00 LME Copper Stocks 387,400 tons -2,050 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market is also starting off on a slightly weaker bias today. A notice of possible downgrades for some EU countries early this morning, probably gives the bear camp a slight edge to start. Silver recently hasn't shown the upside capacity to rally, as traders seem to fear ongoing EU turmoil going forward. However, the silver bulls probably hope for at least an initial positive reaction to the EU news Friday but silver and other physical commodity markets might need a definitively positive EU deal to mount a run back toward the early November consolidation highs up at $35.00. Given that silver seems to be tracking its physical commodity market fundamentals, it is possible that silver prices this morning will react favorably if US claims show an as expected decline but the real focus of the market is probably locked onto the EU news. Comex Silver Stocks were 108.559 million ounces up 152,006 ounces. While silver did see a slight rise in Peru silver output yesterday, that news wasn't overly surprising and silver hasn't exactly turned sharply off physical supply side news lately. Comex Silver stocks are at their highest levels in the past 10 sessions. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were generally lower during overnight trading, stock indices in Europe are generally higher this morning. Early indications are that the US markets will open with moderate losses later on today. The US Dollar is slightly weaker against most of the major currencies this morning. Japanese Machinery Orders during October were down 6.9%, weaker than expectations. The Bank of England will announce any changes to UK monetary policy at 6:00 AM. The European Central Bank will also announce any changes to Euro zone monetary policy at 6:45 AM. Major US economic numbers to be released this morning include Weekly Jobless Claims at 7:30 AM, and October Wholesale Inventories at 9:00 AM.
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