Compiled 04/13/12 6:00 AM (CT) Statistics: London Gold Fix $1,670.50 +15.00 LME Copper Stocks 264,400 tons -1,675 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Silver prices are weaker to start today as the market might have become somewhat overbought technically in the wake of this week's low to high run of $1.47 an ounce. Like gold, silver was a little disappointed in the lack of strong Chinese GDP number overnight and it is also possible that silver and other physical commodity markets are a little discouraged in the lack of definitive support for the US recovery from the US Fed this week. With a margin reduction for silver futures overnight, the silver market might see some fresh support but weaker equity prices and adverse currency market influences probably leave the bear camp confident. With rather muted inflation readings expected from the US this morning and the only other data coming from a private consumer sentiment survey result the big event of the trading session today might be dialogue from the Fed's Dudley or Bernanke who are scheduled to speak during the session today. Comex Silver Stocks were 140.608 million ounces up 925,849 ounces. Comex Silver Stocks are now at the highest levels since 08/06/2008. Gold stocks have increased in 14 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were somewhat put off by softer than expected Chinese GDP readings but many markets in that region managed to recover off the idea that the softer Chinese data might clear the way for more Chinese stimulus ahead. European markets were weaker to start, as some investors came away from the Chinese readings disappointed in near term prospects. Record borrowing by Spanish banks in the month of March was another development that seemed to prompt some fresh contagion concerns, especially since that news came in the wake of the Chinese GDP disappointment. Early in the US Friday session, share prices were weaker in what would appear to be a precursor to a risk off day. The US economic report slate might not cause much of a change in the early track of sentiment as the CPI report follows the PPI report release from yesterday and there doesn't look to be much of a surprise due out from the inflation front. There will also be a private consumer sentiment survey and a couple Fed speeches but the Fed this week seemed to make sure the markets realized that Fed policy could swing in either direction depending on what was dictated by the US economy.
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