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SILVER TECHS

Bullish Price Structure Intact

GERMAN DATA

German Mar Factory Orders Beat Expectations

      Balance  Y/Y Chg  Exports  Y/Y Chg  Imports  Y/Y Chg  YTD Balance  Y/Y Chg
--------------------------------------------------------------------------------
        Bln $  pct y/y    Bln $  pct y/y    Bln $  pct y/y        Bln $  pct y/y
2017
Dec     54.69     38.0   231.79     10.9   177.10      4.5       422.51   -17.11
Nov     40.21     -6.7   217.38     12.3   177.17     17.7       375.98   -20.02
Oct     38.17    -20.8   188.98      6.9   150.80     17.2       334.78   -21.60
Sep     28.64    -29.2   198.21      8.0   169.57     18.6       296.60   -21.71
Aug     41.41    -17.3   198.50      5.1   157.09     13.2       267.96   -20.82
Jul     45.63     -5.6   192.33      6.5   146.69     10.9       226.55   -21.42
Jun     41.99     -7.4   195.55     10.7   153.56     17.0       180.92   -24.60
May     40.29    -10.2   189.51      7.9   149.23     14.0       138.93   -28.61
Apr     36.70     -7.9   178.19      6.9   141.49     11.6        98.64   -34.14
Mar     22.87     -8.2   179.25     15.6   156.38     20.1        61.94   -43.64
Feb    -10.39       --   119.12     -2.1   129.50     38.4        39.07   -54.03
Jan     49.46    -13.0   181.35      7.1   131.89     17.2        49.46   -13.00
2016
Dec     39.63    -34.1   209.10     -6.1   169.47      3.1       509.71   -14.26
Nov     43.08    -20.4   193.56      0.1   150.48      6.7       470.08   -12.80
Oct     48.17    -21.9   176.84     -7.3   128.67     -1.4       427.00   -12.13
Sep     40.43    -33.0   183.44    -10.0   143.01     -1.9       378.83   -10.67
Aug     50.10    -16.8   188.83     -2.8   138.73      1.5       338.40    -7.41
Jul     48.35     12.4   180.66     -4.4   132.31    -12.5       288.30    -5.54
Jun     45.34     -2.6   176.61     -4.8   131.26     -8.4       239.96    -8.85
May     44.84    -24.6   175.71     -4.1   130.87     -0.4       194.61   -10.42
Apr     39.86     16.8   166.69     -1.8   126.83    -10.9       149.77    -5.09
Mar     24.91    708.8   155.10     11.5   130.19     -7.6       109.91   -11.15
Feb     28.15    -46.2   121.71    -25.4    93.56    -13.8        85.00   -20.51
Jan     56.85      5.4   169.40    -11.2   112.55    -18.8        56.85     5.43
2015
Dec     60.09     21.2   224.19     -1.4   164.10     -7.6       594.50    55.42
Nov     54.10     -0.7   197.24     -6.8   143.14     -8.7       539.11    62.14
Oct     61.64     35.7   192.41     -6.9   130.77    -18.8       485.93    75.36
Sep     60.34     95.0   205.56     -3.7   145.22    -20.4       424.09    83.13
Aug     60.24     20.9   196.88     -5.5   136.65    -13.8       365.50    82.27
Jul     43.03     -9.0   195.10     -8.3   152.07     -8.1       305.20   102.66
Jun     46.54     47.3   192.01      2.8   145.48     -6.1       263.25   155.90
May     59.49     65.6   190.75     -2.5   131.26    -17.6       217.26   204.71
Apr     34.13     84.9   176.33     -6.4   142.20    -16.2       157.81   347.69
Mar      3.08    -60.1   144.57    -15.0   141.49    -12.7       123.70   638.95
Feb     60.62       --   169.19     48.3   108.57    -20.5       120.65  1258.67
Jan     60.03     88.4   200.26     -3.3   140.23    -19.9        60.03    88.42
2014
Dec     49.60     93.4   227.50      9.7   177.90     -2.4       382.50     47.3
Nov     54.47     61.2   211.66      4.7   157.19     -6.7       332.50     42.0
Oct     45.41     46.0   206.87     11.6   161.46      4.6       277.11     38.2
Sep     30.94    103.6   213.69     15.3   182.75      7.0       231.58     36.7
Aug     49.84     74.8   208.47      9.4   158.63     -2.4       200.53     30.0
Jul     47.30    165.4   212.90     14.5   165.60     -1.6       150.60     19.8
Jun     31.60     16.5   186.80      7.2   155.20      5.5       102.86     -4.7
May     35.92     75.8   195.47      7.0   159.55     -1.6        71.30    -11.8
Apr     18.46      1.7   188.54      0.9   170.09      0.8        35.25    -42.2
Mar      7.71       --   170.11     -6.6   162.41    -11.3        16.74    -61.1
Feb    -22.99       --   114.09    -18.1   137.08     10.1         8.88    -79.9
Jan     31.86     14.0   207.13     10.6   175.27     10.0        31.86     14.0
2013
Dec     25.64    -18.9   207.74      4.3   182.10      8.3       259.75     12.4
Nov     33.80     72.2   202.21     12.7   168.40      5.3       234.15     17.3
Oct     31.10     -2.8   185.40      5.6   154.30      7.6       200.46     11.2
Sep     15.20    -45.1   185.64     -0.3   170.44      7.4       169.40     14.2
Aug     28.52      7.0   190.61      7.2   162.09      7.0       154.21     27.9
Jul     17.82    -29.2   185.99      5.1   186.17     10.9       125.71     33.6
Jun     27.13    -14.5   174.32     -3.1   147.19     -0.7       107.95     56.6
May     20.43      9.3   182.77      1.0   162.34     -0.3        80.87    113.3
Apr     18.16     -1.5   187.06     14.7   168.90     16.8        60.99    216.0
Mar     -0.88       --   182.19     10.0   183.07     14.1        43.07   6425.8
Feb     15.25       --   139.37     21.8   124.12    -15.2        44.15       --
Jan     29.15      6.9   187.37     25.0   158.22     28.8        29.15      6.9
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--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com
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