Compiled 06/12/12 6:00 AM (CT) Statistics: London Gold Fix $1,589.25 -$3.75 LME Copper Stocks 239,550 tons +4,350 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, the silver market is starting off on a weaker footing but in the early Tuesday US trade action, the July silver contract did manage to hold above the prior session's lows. While silver is probably drawing some support from favorable Equity and currency market action, many physical commodity markets are trading weaker this morning and that would seem to suggest that ongoing concern of global slowing and or of a residual Euro zone failure has remained in place. Silver might have been held back by a somewhat negative press report from Europe, which discounted the prospect of a sharp run up in silver prices before year end. However, seeing at least the prospect of a risk on environment early today and seeing some attempt to expand the fiscal union in the EU, should have the potential to underpin silver prices today, but it will apparently take a more definitive risk-on vibe and or fresh central bank easing talk to put the bull camp back in control of silver prices. Some players suggest that silver isn't buying into the Bad Bank solution for the Euro zone and others suggest that the Greek election this weekend is simply serving to keep silver prices off balance. Comex Silver Stocks were 143.459 million ounces down 27,627 ounces. Silver stocks have increased in 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese stocks were weaker overnight, as investors discounted recent slightly better than expected Chinese data and it also seemed as if Asian investors were apparently looking ahead to the upcoming Greek election with some concern. However, European equities were slightly higher early today as the trade was attempting to play up the latest solution to the EU debt crisis, with a bad bank approach. Early US equity market action was minimally higher, as the hope for a tighter fiscal union in the EU was seen as a fresh positive for the troubled Euro zone. The US report slate is somewhat active today, but most of the data is 3rd or 4th tier data, from 3rd party independent sources like the small business optimism index, a couple of weekly private chain store sales reports, the IBD consumer confidence index and a monthly US Treasury Budget statement.
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