Compiled 08/17/12 6:00 AM (CT) Statistics: London Gold Fix $1,616.50 +$12.75 LME Copper Stocks 234,550 tons -700 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Unlike gold, September silver did manage a fresh higher high overnight, and have reached the highest level since August 10th. In addition to bullish press coverage overnight from an analyst and from a key UK banking concern, the silver market is probably drafting periodic support from the ongoing strength in gold and platinum prices. Silver is also seeing some lift from a general risk on vibe this week and certainly silver is also deriving support from the current favorable flow of headlines from the Euro zone. With some talk of improved physical demand for silver also in the headlines overnight, the bull camp seems to have gained the upper hand and with silver prices overnight managing a slight higher high on the charts that could mean some technically related buying was being seen in the early going. Like the gold market, the silver bulls probably want to see positive Leading Indicators data, as that type of result should provide a minor enhancement to the risk on vibe. It should be noted that silver prices at times this morning, were under performing relative to the rest of the metals complex. Comex Silver Stocks were 138.491 million ounces up 566,677 ounces. Silver stocks have declined 13 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While Shanghai stocks managed a minor gain on the day, that measure actually finished the week at the lowest levels in roughly 2 1/2 months. The German, French and Spanish equity markets were higher early today, with some yields on key sovereign debt ticking downward in the wake of very supportive dialogue from the German Chancellor Merkel. US stocks were mixed in the early action today, but the US market hasn't been definitively influenced by minor changes in the EU debt crisis lately. Today, the US will see a private consumer sentiment report and a Leading Indicator report. Leading Indicators report is expected to post a modest gain.
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