Compiled 08/04/11 6:00 AM (CT) Statistics: London Gold Fix $1,664.25 -$2.75 LME Copper Stocks 465,325 tons -525 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market seems to have initially forged a quasi double top around the $42.04 to $42.06 level early today. Silver might have garnered some support overnight from news that certain holdings of derivative silver, increased in the wake of yesterday's price action, as that suggests some investors weren't put off by the latest new high for the move. So far, silver hasn't been held back by fears of slowing or by noted weakness in industrial metals markets like copper. However, silver might see some limitations today from BOJ intervention, which in turn served to lift the dollar overnight. Like gold, silver might have gotten a little ahead of itself with gains yesterday that seemed to be the result of US QE speculation. Some silver bulls might be a little disappointed by the fact that silver didn't see a series of private forecasts calling for higher prices like gold did, as that highlights gold's status as the most widely followed precious metals market. Comex Silver Stocks were 105.756 million ounces up 751,709 ounces. Comex Silver Stocks are at the highest levels since 01/05/2011. Stocks have increased 14 of the last 20 days. Comex Silver stocks are at their highest levels in the past 10. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia and Europe were mixed during the overnight session, early indications are that US equity markets will open with moderate losses later on this morning. The US Dollar is stronger against most of the major currencies this morning perhaps primarily because the Bank of Japan intervened in the currency markets during overnight trading by selling over 1 trillion Yen against the Dollar. The Bank of England will announce their decision on UK monetary policy at 6:00 AM. The European Central Bank will also announce their decision on Euro zone monetary policy at 6:45 AM. The only major US economic number to be released this morning will be Weekly Jobless Claims at 7:30 AM.
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