Compiled 01/26/12 6:00 AM (CT) Statistics: London Gold Fix $1,713.00 +$52.00 LME Copper Stocks 342,250 tons -3,525 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) With another new high for the move overnight, March silver has reached the highest level since December 2nd. Like gold, the silver market overnight saw some evidence of surging silver production, but fortunately for the bull camp, the silver market recently hasn't paid that much attention to classic supply side developments. Therefore the silver market might also largely discount the news overnight of another 386,753 ounce gain in exchange silver stocks, which now stand at 126.605 million ounces. Silver stocks have increased in 14 of the last 20 days. The silver bulls probably need a series of positive US scheduled data points, to see silver prices claw out additional gains, as silver prices this morning are already sitting roughly $2.07 an ounce above yesterday's lows! In the end, the silver trade is likely to take its direction today from the condition of the US economy and with the ongoing promise of assistance from the Fed expected to hover in the background for some time, it might not take much in the way of positive US economic news this morning to leave the bull vibe in place. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were generally weaker this morning, with the Nikkei actually seeing minor declines. Apparently European equity markets were still garnering some lift from the US Fed Statements yesterday. The markets saw Italian bond yields fall slightly overnight, but that was only of marginal benefit to the Euro and the metals markets this morning. The markets also saw a minimal improvement in another German business sentiment reading, as that news seemed to add into the mostly positive vibe that was generated by the FOMC meeting! The markets will also see an extremely active flow of US scheduled data this morning, with claims kicking off the report flow and expectations calling for a noted jump up in those readings. Also due out today from the US are durable goods, Chicago Fed national Activity Index, new home sales, leading indicators, and a KC Fed January manufacturing report. Also out today will be the final leg of US Treasury supply flow this week.
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