Statistics: London Gold Fix $1,726.75 -$7.25 LME Copper Stocks 253,875 tons +175 tons
SILVER MARKET FUNDAMENTALS: (6:00 AM CT) December silver has seen a lower low in the early Wednesday US action, as prices were negatively impacted in the wake of more violence in the Middle East. However, silver showed some buoyancy off favorable action in Chinese equities and from signs that the Germans called for an expansion of the ESF. However, silver and other physical commodity markets were obviously tripped up by comments from the US Fed Chairman yesterday, that the US Fed lacked the tools to effectively cushion the US economy from a trip over the fiscal cliff. Silver might have been undermined by a cut in a silver price forecast from a European bank analyst overnight, but silver is probably set to take most of its direction from big picture macro economic developments and not from minor changes in silver supply and demand fundamentals. Silver seems as if it is destined to remain focused on demand prospects, and therefore silver probably needs positive leadership from US equities and from the US economic report front. Comex Silver Stocks were 142.332 million ounces down 274,550 ounces. Silver stocks have declined 11 of the last 20 days.
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