Compiled 05/24/12 6:00 AM (CT) Statistics: London Gold Fix $1,558.50 $+3.50 LME Copper Stocks 224,075 tons -1,625 tons. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, silver seems to have latched onto a fresh bullish theme as prices this morning are rising in the face of soft global economic data and adverse currency market action. Therefore, it is possible that silver is embracing fresh easing hopes, especially after seeing yet another Chinese stimulus effort overnight that was focused on low income rental housing construction. Another angle that might be part of the bull's case this morning is a spreading view that Greece might be able to leave the Euro zone in an orderly fashion. An orderly Greek exit was given added credence by the Fed's Bullard in a speech overnight and that in turn might be tamping down overall anxiety toward the Euro zone situation. Some traders think a Greek exit is a mistake for Greece, but that event could be a windfall to Spain and Italy and perhaps the rest of the world. If the real reason behind the rise in silver prices this morning is coming from easing hopes, then silver prices are likely to see a noted reaction to key US scheduled data at 7:30 cst. Expectations for the data call for flat to slightly weaker data and the subsequent reaction in silver prices could confirm or deny the bullish easing theme. Comex Silver Stocks were 141.201 million ounces down 731,403 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese shares were under pressure again overnight with more evidence of an extending slowing pattern in Chinese manufacturing seen in the headlines. European equity markets were also showing renewed weakness early this morning in the wake of softer data and that has increased uncertainty and anxiety in that region. However, the European stocks did manage a recovery and that seemed to suggest that some easing effort might be forth coming from the ECB. There also seems to be a growing sense in the markets that a Greek exit from the Euro zone might not be a total disaster, but seeing a distinct softening of the Euro zone economy probably keeps a moderate amount of anxiety in place. The US report slate today is somewhat active with Durable goods and claims likely to give the trade a solid lead on the direction of the US economy. Initial expectations call for a minor dip in durable goods and virtually no change in the weekly claims data and that in turn might be seen as evidence of an economy losing momentum.
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