The gold and silver markets are still technically weak on a near-term basis, which continues to limit fresh speculative buying interest.

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The gold and silver market bulls are still technically weak on a near-term basis, which continues to limit fresh speculative buying interest.

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On a three month moving average basis, IP remains markedly weak, declining 0.1 percent versus the modest 0.8 percent expansion in March 2012 and much worse than the 5-6 percent growth seen during the first half of fiscal year 2011-12.

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"If the basis of a profit surge is just the weak currency, then than that is always going to be risky, " he said.

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The company saw weak results in Europe, where revenue on a pro forma, currency adjusted basis fell 12.5% year over year.

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Such tax hikes would damage a still-weak economy, but more consequentially for the long-run would undo the basis for successful tax reform.

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