Compiled 02/22/12 6:00 AM (CT) Statistics: London Gold Fix $1,754.75 +$17.75 LME Copper Stocks 305,725 tons +300 tons Shanghai Deliverable stocks were 217,142 tons +18,940 SILVER MARKET FUNDAMENTALS: (6:00 AM CT) March silver was unable to definitively charge into a distinct upside breakout yesterday and that might have been the result of softer than expected Chinese silver import data or that might have been the result of gold maintaining the lion's share of overall investment demand for metals. In fact, the silver market could have seen higher Indian silver import expectations as an offset to softer Chinese silver import news but silver in general doesn't seem to be tightly tracking classic supply side fundamentals. The bull camp is probably fortunate that silver seems to be discounting classic physical supply side developments, as Comex Silver Stocks yesterday afternoon were put up to 129.282 million ounces, for another noted gain of 472,832 ounces. Silver stocks have now increased in 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were generally higher overnight, as Chinese developers continued to garner some lift from the recent change in policy at the PBOC. However, European equity markets were weaker off some soft PMI data and renewed talk of slowing/recession in the Euro zone. The US equity markets are showing a mixed early track today, as those markets brace from a corporate tax reform plan and a National Association of Realtors home sales reading.
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