Compiled 04/17/12 6:00 AM (CT) Statistics: London Gold Fix $1,652.00 +$3.75 LME Copper Stocks 261,075 tons -625 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market is showing some minor recovery action this morning, as overall outside market conditions have improved over the conditions seen at the end of last week. While the silver market will probably draft some support from higher equities and favorable currency market action, US scheduled data flows later this morning aren't expected to be overly impressive. In fact, housing starts and permits are expected to be mixed, while Industrial Production and capacity Utilization figures are expected to come in with either small gains or minimal losses and therefore the US economic report slate today doesn't look to add markedly to the initial up beat bias in place from the overnight action. Silver has seen news of rising silver production again overnight, but this market hasn't paid that much attention toward supply side news lately. However, as opposed to gold, silver has seen a pattern of rising open interest over the last month and to some that might be part of the reason that silver prices have periodically out performed gold. Comex Silver Stocks were 139.546 million ounces down 2,048,314 ounces. Silver stocks have increased 13 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets remained weak overnight, with Chinese stocks down from residual weakness in industrial material shares and from lower financial stock price action. European markets were higher to start on bargain hunting and optimism toward US earnings. Early in the US Tuesday trading session, US share prices were higher, with the markets looking ahead to Goldman and Coke earnings later today. The US economic report slate today will present US Housing Starts and Permits, which are expected to be mixed and there will also be Industrial Production/capacity Utilization figures, which are also expected to be around unchanged levels. At least in the early going, concern toward Spanish debt was somewhat tamped down, as a T-Bill auction in Spain was judged to be sufficiently received.
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