Compiled 06/28/12 6:00 AM (CT) Statistics: London Gold Fix $1,567.75 +$.25 LME Copper Stocks 256,100 tons +1,225 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market was showing some moderate weakness on the charts early this morning and prices have ventured back toward the prior session's lows. Classic fundamental news in silver has been in very short supply recently and that has probably left the silver trade in a position to react to big picture macro economic developments. Unfortunately big picture macro economic conditions are sour and appear to be stuck in a souring condition. Evidence of further slowing in the Euro zone overnight and suggestions from a US Fed member that it would take widespread global financial market instability and further signs of slowing in the US, for the Fed to provide more easing, probably leaves the bear camp in silver feeling pretty confident. About the most positive thing that can be said of the big picture macro economic condition, is that expectations for the EU summit have mostly factored in no action of consequence and therefore it is possible that the end of the summit won't ignite a massive wave of fresh selling in many markets. While silver prices might garner some minor support from US scheduled data today, the US data doesn't look to be significant in the overall scheme of things. Comex Silver Stocks were 145.940 million ounces down 490,458 ounces. Silver stocks have increased in 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Shanghai stocks posted their 7th straight decline overnight and reportedly Chinese markets also saw very low trading volume. European equity markets were weaker again to start, as press coverage suggests that EU leaders are not finding common ground yet on a number of basic issues. With German unemployment levels rising overnight and Euro zone consumer confidence declining slightly, but falling further from very weak levels overall, the news flow from Europe is generally fostering a risk off vibe. The US scheduled report slate today will present initial claims and a revision of the 1st quarter US GDP reading. Expectations for the claims call for a minimal non distinct decline, while the GDP reading is generally expected to be mostly unchanged. Therefore the trade might not be able to glean much in the way of fresh direction on the US economy from the data flow this morning.
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