Compiled 09/26/11 6:00 AM (CT) Statistics: London Gold Fix $1,615.00 -$115.00 LME Copper Stocks 465,525 tons +975 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, the silver market forged another sharp range down extension overnight and it fell to the lowest level since November 17th of 2010. However, also like gold, December silver has managed to reject a noted portion of that initial massive downward probe in the early US Monday trade action. Also like gold, silver is seeing a number of rather aggressive technically based downside targets overnight and to some that might suggest that sentiment is becoming overly bearish. On the other hand, seeing such large downside targets in the headlines probably serves to keep a noted portion of the bull camp off balance and skeptical. With sharp ongoing declines in platinum and copper prices overnight, silver is probably set to remain off balance from its classic physical commodity market background. Therefore silver seems to need a dramatic improvement in Euro zone sentiment or a significant tamping down of global slowing fears. From the magnitude of the recent slide in silver, one gets the impression that silver is rushing to factor in full blown and sustained deflationary condition. Comex Silver Stocks were 105.768 million ounces up 762,618 ounces. Stocks have increased 12 of the last 20 days. Comex Silver stocks are at their highest levels in the past 10. The Commitments of Traders Futures and Options report as of September 20th for Silver showed Non-Commercial traders were net long 28,802 contracts, a decrease of 4,401 contracts. The Commercial traders were net short 48,770 contracts, a decrease of 5,294 contracts. The Non-reportable traders were net long 19,969 contracts, a decrease of 892 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 48,771 contracts. This represents a decrease of 5,293 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were generally weaker 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 lower against most of the major currencies this morning. German Chancellor Merkel stated that the powers of the European Financial Stability Facility need to be expanded in order to erect a firewall around Greece. A major US carmaker downgraded their outlook for the Chinese auto market this year, due to the end of government tax incentives and subsides. A private survey of German Business Sentiment during September was 107.5, better than market expectations, but still a decline from August. The only major US economic number to be released this morning will be August New Home Sales at 9:00 AM. In addition, Fed Regional Presidents Bullard and Kocherlakota will give speeches during the session.