Compiled 06/15/12 6:00 AM (CT) Statistics: London Gold Fix $1,622.25 +$3.25 LME Copper Stocks 249,450 tons +4,375 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) While silver is showing a minor early rise on the charts, the July silver contract sits roughly 46 cents below this week's highs. Silver is seeing some spillover support this morning from gains in the rest of the metals complex and also from favorable currency and positive global equity market action. Internal fundamental news on silver is probably largely unimportant in the current environment, as the ebb and flow of the Greek election and the potential for action from the EU/G20 appears to be dominating the focus of the silver trade. In fact, the ECB's Draghi overnight has indicated that their actions will be known in the coming days. The trade thinks that some form of LTRO will be seen again and that a Euro Bond will only be used further down the road. Like gold, the silver market continues to anticipate coordinated central bank action, which was given credence yesterday by statements from a BOE official. Prior to the BOE comments, the trade was mostly expecting action from only 1 or 2 sources. Since silver has recently been held back because of its industrial standing, it is possible that US scheduled data later today will have some minor impact on silver prices but the main track of silver prices is likely to remain fixated on the Greek election. Comex Silver Stocks were 144.860 million ounces up 1,218,702 ounces. Comex Silver Stocks are now at the highest levels since 08/06/2008. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian stocks were stronger overnight, as the markets in that region were lifted by talk of coordinated central bank intervention. European equities were also positive off hopes of central bank action but many investors remain concerned about Spanish and Greek problems overwhelming efforts to contain the debt crisis. Early US equity market action was also higher and that is impressive after the noted run up in prices the prior trading session. The US scheduled report slate today is pretty active, with Industrial Production and Capacity Utilization readings as well as the Empire State Manufacturing report. There will also be a Treasury International Capital flows report and a Michigan Consumer Survey.
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