Compiled 08/02/11 6:00 AM ( CT ) Statistics: London Gold Fix $1,624.00 +$10.50 LME Copper Stocks 465,625 tons -400 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The bear camp will suggest that the silver market has settled into a pattern of lower highs on the charts, while the bull camp will suggest that uncertainty toward the US credit rating and uncertainty toward the US economy will be capable of cushioning silver prices directly ahead. However, silver at times seems to be drifting back into a tighter correlation with industrial metals markets versus its recent tight track with the gold market. Some traders think that silver will see some minor pressure in the wake of news of an official vote on the debt ceiling legislation but since that outcome is widely anticipated the knock on influence on silver prices should be limited. Apparently news that a large Mexican mining concern was expected to remain on track to produce an annual production target of 44 million ounces of silver, was of little consequence to silver prices this morning, as the silver trade just hasn't given that much attention to physical supply side news events. Comex Silver Stocks were 104.498 million ounces up 321,452 ounces. Silver stocks have increased 13 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 generally weaker 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, although posting a loss versus the Swiss Franc. The House passed a bill raising the US debt ceiling last night, with the Senate expected to vote on that legislation today. Italian government officials are scheduled to meet today to discuss issues which have sent their bond yields up to record high levels. Euro zone PPI during June was up 5.9% year-on-year, in line with estimates. Major US economic numbers to be released this morning include June Personal Income and Spending at 7:30 AM, as well as private surveys of store sales released during the session.
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