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OUTSIDE MARKET DEVELOPMENTS: There would appear to be an improvement in the overall global economic outlook this morning, as the trade thinks the EU will bring forth an Aid package for Greece and that in turn will at least temporarily diffuse the prospect of a European debt contagion. It is also possible that the Fed’s upbeat view on the US economy and suggestions that inflation remains under control has cemented the idea that US rates are destined to remain low for the near term and that is apparently positive to stocks and many physical commodity markets. In looking ahead today, the markets will see initial and ongoing claims, a KC Fed manufacturing reading and a Chicago Fed National Activity Index from the US scheduled report front. There will also be a $32 billion 7 Year note auction at mid session and some testimony from the US Treasury Secretary later in the day that could fan contempt on the financial reform battle front. Overnight the market did see a slight improvement in German unemployment readings and that might have contributed to the slightly improved overall macro economic tone in the marketplace.

GOLD MARKET FUNDAMENTALS: While gold prices aren’t showing positive action in the early going today, there would seem to be a better physical commodity market environment in place this morning. It would appear that the flight to quality crowd in gold is a bit disappointed this morning, but it also possible that some inflation bulls in gold are also a bit discouraged because of the FOMC statements yesterday afternoon that suggested long term inflation expectations in the US remain under control. Therefore the question for the action today will be, how much will flight to quality demand wane and will buying off other themes be able to pick up the slack? However, there continues to be talk of a European debt contagion and therefore the flight to quality buying argument probably won’t be eliminated from the marketplace, even in the face of an impending aid package. In other developments, the gold market continues to see favorable Indian gold demand headlines, but at the same time the gold market is also seeing evidence of rising gold production and profits from various mining concerns. Comex Gold Stocks were 10.153 million ounces down 4,716 ounces. Stocks have increased 11 of the last 20 days.

SILVER MARKET FUNDAMENTALS: Silver appears to be positive positioned in the early Thursday trade in the wake of a weaker Dollar, higher equities and less Euro zone debt trauma. In other words, silver is acting like a classic physical commodity market, which has been presented with a slightly improved macro economic condition. However, silver and other physical commodity markets will probably remain mindful that the EU debt crisis is a long way from being totally solved. However, silver is probably heartened by favorable US Fed dialogue and perhaps the market will get some favorable US scheduled data later this morning as expectations are calling for some improvement in the US data flows. At least in the early going today, the silver market seems to be tracking the initial gains in the US equity markets. The question for silver bulls is, whether or not the market begins to turn its focus back toward the credit condition in Spain. Comex Silver Stocks were 115.000 million ounces down 95,217 ounces. Stocks have declined 12 of the last 20 days.

PLATINUM: The platinum market showed a big range up attempt that was clearly rejected overnight. In other words, the market tried to price in an all clear and the trade didn’t want any part of that argument. News of increased production from a key platinum producer for its 3rd quarter, is only a minor negative, as this market is infatuated with the demand side of the equation. For the near term, the demand outlook is simply going to remain suspect because of the Euro zone house of cards. We think that July platinum is capable of waffling around in a range defined as $1,695 to $1,720.