Compiled 02/15/12 6:00 AM (CT) Statistics: London Gold Fix $1,725.50 +$4.50 LME Copper Stocks 313,050 tons -750 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) While the silver market seems to have started the Wednesday US trade out on a positive footing, the March silver chart hasn't exactly thrown off the pattern of lower highs and lower lows. While silver is expected to take a lot of direction from US scheduled data and from the action in the US equity markets today, some traders will also be watching the action in the Euro very closely. A portion of the bear camp continues to point to an extending consolidation pattern on the charts, as a sign that bullish sentiment from the December and January rally is waning, and therefore the importance of a more positive forward economic views can't be discounted. Certainly silver saw some benefit from QE talk from the BOE overnight and the market probably garnered some indirect support from news that China pledged some financial support to the Euro zone, but the primary focus of the silver trade today, will probably be the status of the US economy. Comex Silver Stocks were 129.403 million ounces up 332,197 ounces. Silver stocks have increased 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were higher overnight and that might have been partly the result of suggestions from the PBOC that they would continue to support the Euro zone by investing in debt in that region. European equity markets were also higher because of slightly up beat financial sector action and also because of the assurances from China. Early US stock market action was initially stronger. While the market saw somewhat soft GDP readings from portions of the Euro zone overnight, the trade seemed to focus in on the fact that the French economy clawed out some minimal growth. The markets also saw talk from the BOE that more QE might be necessary and that might be contributing to the partial risk-on vibe in the marketplace thins morning. In looking forward to the US trade, there will be continued testimony on the 2013 Budget and some Fed speeches, but the trade will also be presented with a very active scheduled report slate, with the most important reports being the Empire State Manufacturing survey and the Industrial Production/Capacity Utilization figures. Initial expectations call for modest improvement in most of the scheduled US numbers this morning.
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