Tue 08 Jan 2013 06:03:39 CT
Compiled 01/08/13 6:00 AM (CT)
London Gold Fix $1,653.75, Unch LME Copper Stocks 327,375 tons, +7,975 tons.
SILVER MARKET FUNDAMENTALS: (6:00 AM CT)
Silver is showing some positive initial action on the charts early today perhaps because of initial gains in gold and platinum prices. In fact, silver could have been undermined by lower 2013 and 2014 silver price forecasts from a major European bank overnight. March silver seems to have found some measure of support off an extending consolidation pattern on the charts with a rather extensive series of lows seen just below the $30.00 level. Some traders are suggesting that silver is outperforming the gold market this week, while others think that the $30.00 level on the charts has become a critical pivot point of sorts. It is also possible that silver will take some additional direction from US equities today and in turn silver might also take some direction from the Alcoa earnings that will be released after the close today. Comex Silver Stocks were 149.354 million ounces down 1,014,145 ounces. However, silver stocks have increased in 12 of the last 20 days.
OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT)
Chinese shares were lower overnight in the wake of profit taking among recent market leaders. However, European shares started out a touch higher in the wake of strength in telecom shares and perhaps because of a rise in Euro zone Economic sentiment. US equities were weak to start as the market braces for the kick off to the US corporate earnings cycle after the close today. There also seems to be some lingering fears of a protracted US debt ceiling battle, but the Democrats might move the debate to the courts with claims that any and all debts of the US must be paid and that the President can simply invoke the 14th amendment and raise the official debt ceiling by decree. The economic report slate today contains a number of private chain store sales reports, a business optimism Index and Consumer Credit figures. Consumer credit is expected to expand by slightly less than the amount seen in the prior month and that release will be accompanied in the afternoon with a speech from the Fed's Lacker. The kick off to the US corporate earnings cycle effectively begins after the stock market close today, with the release of Alcoa earnings.
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