Compiled 06/01/12 6:00 AM (CT) Statistics: London Gold Fix $1,552.50 $-15.00 LME Copper Stocks 230,875 tons +200 tons. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, the silver market has started out under fresh pressure in the wake of another wave of slowing evidence from around the globe. In fact, the numbers from the Euro zone overnight were such, that talk of a return to a deep recession is starting to surface. While the silver bulls hope that weaker than expected US non farm payroll data will spark a wave of easing talk, it will be interesting to see if easing talk can effectively countervail the desire to liquidate physical commodities in the face of recessionary type dialogue. Ongoing weakness in crude oil prices, adverse currency market action and falling US equities would seem to leave the bear camp in silver with the outside market advantage again today and it might be difficult to turn off and reverse the weak bias on the charts, without a cumulative positive vibe from a very active US economic report slate this morning. Comex Silver Stocks yesterday afternoon were pegged at 142.449 million ounces for a daily gain of 528,970 ounces. Comex Silver Stocks are now at the highest levels since 08/06/2008 and that is probably a limiting influence on prices. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Overnight weak Chinese data extended slowing fears and expectations of faltering growth also served to pressure Indian shares lower last night. Once again weak Chinese manufacturing data was posted and more importantly that news didn't seem to foster easing talk in the Asian trade. Not surprisingly, European equity markets maintained the global slowing pattern with lower equity market action off weak Euro zone manufacturing data and an all time high in the Italian jobless rate. The US markets were also showing moderate early losses with some key measures falling down to the lowest levels since the May 21st spike lows. The US economic report slate today has the potentially critical US non Farm payroll report due out, with expectations for that report calling for a range of gains from just above 100,000 to as much as 160,000. The market will also be presented with Personal Income and Spending readings, a US ISM manufacturing reading and a US Construction Spending figure.
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