Compiled 08/20/12 6:00 AM (CT) Statistics: London Gold Fix $1,615.25 -$1.25 LME Copper Stocks 234,150 tons -400 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Silver prices have started out marginally higher than last week's close, but the silver trade might have been somewhat limited by news of a rather sharp increase in US silver exchange stocks. In fact, Comex Silver Stocks at the end of last week were pegged at 140.677 million ounces for a single day gain of 2,185,833 ounces! Comex Silver stocks are now at their highest levels in the past 10 days. Like gold, silver recently has paid a lot of attention to the ebb and flow of fresh easing talk from the US and China, but at the end of last week, silver at times was able to claw out some price gains off the flow of positive US scheduled data. Therefore, the silver trade might take some initial direction today from the Chicago Fed National Activity index release early in the session. The Commitments of Traders Futures and Options report as of August 14th for Silver showed Non-Commercial traders were net long 15,703 contracts, an increase of 1,338 contracts. The Commercial traders were net short 24,045 contracts, an increase of 1,123 contracts. The Non-reportable traders were net long 8,342 contracts, a decrease of 215 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 24,045 contracts. This represents an increase of 1,123 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese stocks were weaker overnight, as property stocks in Shanghai were weaker, off fears that the Chinese government might step back in to dampen recent gains in that critical investment sector. French and German shares were higher overnight, but shares seemed to run out of upside fuel at some critical technical levels on the charts and that prompted some to suggest that the European markets are once again in need of fresh decisive action from ECB officials. US stocks managed to start out on a positive track today and the focus of the US trade this week, will be some upcoming housing numbers and a week ending US Durable goods report.
Join the Discussion