Compiled 06/13/12 6:00 AM (CT) Statistics: London Gold Fix $1,612.75 +$23.50 LME Copper Stocks 243,425 tons +3,875 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Silver has generally followed in gold's footprints this week but silver doesn't seem to be garnering as much classic flight to quality buying as gold. In fact, while gold is markedly above last week's lows and is approaching the June highs into the early Wednesday morning action, silver prices have forged a less impressive recovery attempt and the July silver contract this morning still sits roughly 94 cents an ounce below its June highs. However, the bull camp in silver might be benefiting from a pattern of higher lows and higher highs on the charts recently and silver might also be getting some lift from general central bank easing hopes. On the other hand, silver might be held back slightly by overnight news of another noted increase in Peru's April silver output relative to year ago levels. In fact, Peru's April silver production over last year, actually increased by just under 8%. While Comex Silver Stocks actually declined 100,765 ounces overnight, silver stocks recently have risen back to the highest levels since the middle part of 2008. In summary, silver is benefiting from safe haven and QE hopes, but silver might also see a bit more drag on prices from evidence of US slowing directly ahead, as silver has retained a portion of its industrial commodity market status. Therefore, some silver bulls might be a little concerned into the US PPI and retail sales reports later this morning. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese stocks were generally higher overnight, led in part by gains in Chinese insurance company shares but Chinese investors were reportedly hesitant to embrace the bull case in stocks because of upcoming Euro zone events. European equities were also weak early today, as the trade was presented with the weakest Euro zone industrial output reading in 2 1/2 years overnight and it goes without saying that tensions are on the rise into this weekend's Greek election. Early US equity market action showed some weakness but the initial action wasn't overly definitive. US scheduled data flows this morning include PPI and retail sales figures, both of which are expected to depict slowing in the US economy.
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