Compiled 04/24/12 6:00 AM (CT) Statistics: London Gold Fix $1,638.75 -$6.75 LME Copper Stocks 256,875 tons -1,975 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The May silver contract has seen a bounce overnight and when one considers the magnitude of the slide in silver prices yesterday, some of the gains this morning might be technical short covering action. After a slightly negative reaction to a private home price survey early today, silver prices might catch a lift from a minimally positive new home sales result from the US. The silver market will also see a series of cyclical earnings reports from Wall Street before the opening today and that could give the bull camp a slight additional lift. However, the bull camp for the time being appears to have skirted a washout in the face of the latest European debt trauma and with the FOMC now on the horizon, that might give the bulls a temporary edge. However, that edge could disappear quickly in the event that the brunt of the US scheduled data this morning comes in softer than expected. The silver bulls continue to suggest that silver holds a less concerning spec positioning than the gold market and that the break of $2.56 an ounce off last week's highs in silver might have balanced the overbought technical condition in silver even further. On the other hand, Comex Silver Stocks overnight were placed at 140.587 million ounces, for a rather discouraging daily rise of 1,845,663 ounces. Silver stocks have now increased in 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Equity markets in Asia were weaker to start, but the Hong Kong market eventually managed a minimal gain. European markets were a little higher to start today, as CDS rates in the region were coming down and debt auctions overnight failed to whip up anxiety again. However, European corporate earnings have generally continued to disappoint investors, especially when compared to year ago results. Early in the US trade today, share prices were modestly higher, with the markets apparently breathing a little easier in the wake of this morning's European debt news. However, the US economic report slate today is rather active, with the high points potentially coming from Consumer Confidence and Home sales figures. While the FOMC meeting officially begins today, the market doesn't expect any specific news from that front until early Wednesday afternoon.
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