Compiled 04/27/12 6:00 AM (CT) Statistics: London Gold Fix $1,654.00 +$5.75 LME Copper Stocks 251,825 tons -3,525 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The May silver contract did see a set back overnight from yesterday's highs, but the silver market remains within close proximity to the Thursday highs. The silver bulls might be emboldened by the markets capacity to largely deflect the S&P downgrade news on Spain last night. However, silver and other physical commodity markets are likely to take most of their direction from the US GDP reading, but that reaction could be surprising, as the metals at times this week, have seemed to benefit from weak scheduled data. In other words, some players might be pushing the idea, that weaker US data could prompt the US Fed to act sooner rather than later. However, the downgrade of Spain and mixed to weaker equity market action in Asia, could give the bear camp an initial edge to start, but that edge should be tested into the US equity market open and into the US GDP release. The silver bulls might be garnering some confidence from a higher initial trade in copper prices, especially since copper prices reached up to the highest level since April 9th this morning. Comex Silver Stocks were 140.648 million ounces up 47,008 ounces. Silver stocks have increased in 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Equity markets in Asia were mixed to weaker overnight. Easing by the BOJ was partially offset by the S&P ratings agency news overnight on Spain. However, European markets were able to discount the S&P downgrade of Spain overnight and managed to claw back into positive ground off improved action in construction and material issues. US stock markets were showing mixed early action today, as some investors remain concerned toward the debt situation in Europe. The US economic report slate today contains a 1st quarter GDP estimate that is expected to come in with a gain between 2.3% and 2.6%, with expectations for consumer sentiment not expecting much of a change from prior readings.
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