Compiled 09/21/11 6:00 AM (CT) Statistics: London Gold Fix $1,810.00 +$18.25 LME Copper Stocks 466,950 tons +25 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market is showing some minor upward action this morning and that is probably the result of initial gains in gold and anticipation of the US Fed QE action later on today. Like gold, silver seems to have lost its flight to quality focus and it is perhaps in need of a fresh focus. In looking at the trend of silver prices in September, one could suggest that silver is under pressure because of increased fears of a return to recession and that might suggest a shift in the focus ahead to US economic activity. In the near term, it would seem like silver and US equities have maintained a positive track and that in turn would seem to suggest that silver is indeed drifting back toward a classical industrial/physical commodity market focus. The problem for silver bulls today, might be the tone of the Fed with respect to the pace of the economy, as indications of significant slowing in the US could cause silver to fall back toward this week's lows. The silver market did see a slight decline in silver derivative holdings yesterday afternoon. Comex Silver Stocks were 105.252 million ounces up 547,622 ounces. Comex Silver stocks are at their highest levels in the past 10. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were mixed during overnight trading, stock indices in Europe are generally higher this morning. Early indications are that US equity markets will open with moderate gains later on today. The US Dollar is slightly weaker against most of the major currencies this morning. There are reports that Greece may have agreed to front-load austerity measures in order to secure additional bailout funds. The Bank of England indicated that they were more likely to pump additional funds into the UK economy at their monetary policy meeting earlier this month. The Japanese Trade deficit during August was 775 billion Yen, a larger deficit than projections and due in large part to a 19.2% rise in imports over last year's levels. UK Public Sector Borrowing during August was 13.2 billion Pounds, higher than expectations and the highest ever for the month of August. The Federal Reserve's Open Market Committee will conclude a 2-day meeting today, with an announcement on US monetary policy at 1:15 PM. Major US economic numbers to be released this morning include a private survey of Existing Home Sales at 9:00 AM, and a private survey of mortgage applications released before the opening.