Compiled 08/22/11 6:00 AM (CT) Statistics: London Gold Fix $1,877.75 +$15.75 LME Copper Stocks 466,450 tons +2,825 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market this morning appears to be playing catch up to gold, as the September silver contract managed a gap up trade and in the process prices reached the highest level since May 3rd. Perhaps some gold traders think $1,900 gold is too expensive and that silver prices sitting as much as $5.00 an ounce below their April 2011 highs, are a relative bargain. Like gold, silver seems to be benefiting primarily from economic slowing fears but residual uncertainty from the Euro zone debt crisis is another angle being tossed around by the bull camp. Some silver bulls also seem to think that the Fed symposium later this week, will provide silver and other industrial metals with a lift, as some traders think additional quantitative easing might be in the offing, especially in the event that even more slowing evidence is seen in the headlines. Comex Silver Stocks were 105.694 million ounces down 808,886 ounces. Stocks have increased 13 of the last 20 days. The Commitments of Traders Futures and Options report as of August 16th for Silver showed Non-Commercial traders were net long 29,254 contracts, an increase of 3,450 contracts. The Commercial traders were net short 49,875 contracts, an increase of 5,319 contracts. The Non-reportable traders were net long 20,621 contracts, an increase of 1,868 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 49,875 contracts. This represents an increase of 5,318 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were mixed during overnight trading, stock indices in Europe are generally stronger this morning. Early indications are that US equity markets will open with moderate gains later on today. The US Dollar is currently weaker against most of the major currencies this morning, although posting a gain versus the Yen. Rebel forces are gaining control of the Libyan capital of Tripoli. The only major US economic number to be released this morning is the Chicago Fed's National Activity index.