Compiled 07/26/11 6:00 AM (CT) Statistics: London Gold Fix $1,610.00 -$8.50 LME Copper Stocks 469,100 tons -2,100 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market this morning seems to be performing better than gold in the overnight action. In fact, as of this writing the September silver contract is trading above the prior close and within 53 cents of the recent highs. Clearly silver saw some profit taking selling overnight and perhaps silver was temporarily undermined by the hike in Indian interest rates. The silver market was probably given some minimal support overnight from a private silver forecast, but the price range in that private forecast was well under the current market. Traders might look to mid day US Treasury supply flow, for a measure of confidence, or the lack of confidence in US debt instruments and that could in turn impact silver and gold prices. The flow of scheduled US economic information today, could also impact silver prices as new home sales, home prices and consumer confidence reports will give the markets a comprehensive look at the state of the US economy. Comex Silver Stocks were 102.807 million ounces up 580,021 ounces. Silver stocks have increased 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were generally stronger during the overnight session, stock indices in Europe are generally weaker this morning. Early indications are that US equity markets will open slightly lower later on this morning. The US Dollar is weaker against most of the major currencies this morning. India's central bank lifted interest rates by 0.50%, higher than expectations. UK GDP during the second quarter was up only 0.2%, in line with expectations. A private survey of German consumer sentiment during July was 5.4, lower than forecasts. A private survey of French consumer sentiment during July was at 86, higher than market projections. Major US economic number to be released this morning will be a private survey of US Home Prices at 8:00 AM, June New Home Sales as well as a private survey of US Consumer Confidence at 9:00 AM, as well as private surveys of store sales released during the session. In addition, Fed Regional President Hoenig will give a speech during the session. There will also be results of the Treasury's 2-Year Note auction announced at 12:00 PM.
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