Compiled 05/04/12 6:00 AM (CT) Statistics: London Gold Fix $1,629.50 -$13.00 LME Copper Stocks 230,625 tons -4,575 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) July silver has managed a fresh new low for the move overnight and in the process the silver market reached down to the lowest level since January 13th. Like a number of physical commodities silver seems to be under pressure because of renewed slowing fears, but it is also possible that adverse currency market action is also adding an element of pressure. The bear camp has to feel confident with the recent pattern of lower highs and lower lows on the charts but the last $1.00 decline in silver prices has seen declining volume and open interest and that could suggest to some, that the silver market is getting down to a relatively cheap level. Silver did see a somewhat supportive private price forecast overnight, but it could take a definitively supportive big picture macro economic condition to see this week's pattern of declines reversed. Like gold, silver looks to be under pressure in the wake of a middle of the road non farm payroll reading, as that type of result probably leaves the Fed on hold and that clearly leaves concerns toward US slowing in place. News that China was set to allow silver futures trading could be seen as a longer term support for silver prices but in the near term the focus of the silver trade is likely to remain fixed on the short term ebb and flow of global macro economic conditions. Comex Silver Stocks were pegged at 142.099 million ounces up 508,120 ounces. Stocks have increased 13 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were weaker ahead of the US jobs numbers but it should be noted that Shanghai shares were able to claw out some minor gains today. European equity markets were mostly weaker to start today and that action was probably inspired by another contraction in Euro zone services PMI data. However, Euro zone March retail sales figures were positive and stronger than expectations and that might have served to countervail some of the ongoing macro economic slowing concerns in that region. Expectations for the US Non Farm payroll report are all over the board, with some economists concerned about a residual weather impact from warm weather earlier in the year.
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