Compiled 08/03/12 6:00 AM (CT) Statistics: London Gold Fix $1,590.00 +$18.75 LME Copper Stocks 244,725 tons -2,075 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market actually bounced overnight in the face of generally supportive global equity market action and also because of a supportive currency market trade. It does seem as if silver and other physical commodity markets have managed to spin the ECB policy decision Thursday, into a little more of a positive standing, but it is unclear how long that line of thinking will remain in place. Silver might draft a minor amount of support from news of lower silver futures margins at the CME, but like a number of other physical commodity markets, silver today looks set to take a large amount of direction from the US payroll report results. While some easing expectations might remain in place in silver and gold, the trade has probably shifted into a position where evidence of slowing is negative to prices and evidence of growth is positive to prices. With a stronger than expected private jobs prediction from ADP early in the week and the Fed recently remaining on-hold, some traders think that the Non farm payroll report today is destined to come in on the marginally supportive side of expectations. Comex Silver Stocks were 138.310 million ounces down 287,543 ounces. Stocks have declined 16 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese Shares were mixed overnight, as Hong Kong shares finished lower and the Shanghai market was marginally higher. European shares were generally higher in the wake of gains in bank shares, but somewhat favorable data from the Euro zone overnight might have given investors an added boost. Euro zone retail sales managed to rise for the second straight month and Germany managed a slight improvement in a German July PMI report and that serves to improve sentiment from the depths seen in the wake of the ECB misfire. However, the metals markets are probably expected to mark time on the charts until the US Non farm payroll report is released later this morning but that report is generally expected to produce a gain in jobs of 90,000 to +110,000.
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