Compiled 05/08/12 6:00 AM (CT) Statistics: London Gold Fix $1,627.00 -$2.00 LME Copper Stocks 228,450 tons -2,175 tons. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, the silver market has forged yet another lower low and in the process the July silver contract has reached down to the lowest level since January 10th. With weakness in copper and platinum prices, more declines in equities and adverse currency market action, the outside market forces clearly favor the bear track. With little in the way of scheduled US data due out today, it could be difficult to displace the bearish environment facing physical commodities. It goes without saying that residual Euro zone concerns (apparently from Greece overnight) are set to weigh on commodity prices again today. About the most positive thing one can say about silver, is that prices are now down roughly $1.33 an ounce since the last COT positioning report was measured and that should be reducing the net spec long positioning significantly. With no significant scheduled economic data due out today from the US, the silver bulls might have to hope for something supportive from a couple Fed speeches later this morning. Comex Silver Stocks were unchanged at 142.018 million ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese equity markets were weaker off lingering concerns toward their property and development sectors. The Nikkei managed to recover from a 3 month low, but investors and traders there are still worried about the potential negative impacts from the latest developments in the Euro zone. European equity markets were also under initial pressure again today, as trade fears have now turned back toward Greece and away from France. Early action in the US equity markets showed noted weakness again as the fear of global slowing and the potential knock-on impacts from the Euro zone remain on the front burner.
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