Compiled 08/29/11 6:00 AM (CT) Statistics: London Gold Fix $1,787.00 N.A. LME Copper Stocks 464,925 tons N.A. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, the silver market also managed to temporarily forge a new high for the move overnight. The silver market probably takes some direction from news overnight of a decline in Peru silver production for the month of July versus year ago levels, but the silver market hasn't exactly been dominated by classic supply side news recently. Silver has been tied to gold price action recently and that probably leaves silver traders monitoring the ebb and flow of uncertainty in the economy. While the scheduled data from the US will have an impact on silver prices this morning, the trade might not be able to make a major decision off the data this morning, as some economists expect the reports to be offsetting. Therefore the action in the US equity markets might be a force that ultimately dictates the direction of silver prices. Comex Silver Stocks were 105.325 million ounces, up 560,514 ounces. Stocks have increased 11 of the last 20 days. The Commitments of Traders Futures and Options report as of August 23rd for Silver showed Non-Commercial traders were net long 35,513 contracts, an increase of 6,259 contracts. The Commercial traders were net short 57,303 contracts, an increase of 7,428 contracts. The Non-reportable traders were net long 21,789 contracts, an increase of 1,168 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 57,302 contracts. This represents an increase of 7,427 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 substantial gains later on today. The US Dollar is weaker against most of the major currencies this morning, although posting a gain versus the Swiss Franc. Finance Minister Noda will become the new Prime Minister of Japan. Tropical Storm Irene has created massive transportation problems and will impact trading volumes in the New York markets. Major US economic numbers to be released this morning are July Personal Income and Personal Consumption at 7:30 AM, and a private survey of US Pending Home Sales at 9:00 AM.