Compiled 10/05/11 6:00 AM (CT) Statistics: London Gold Fix $1,600.00 -$72.00 LME Copper Stocks 474,925 tons -100 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market saw a downside breakout in the December contract overnight and in the process the silver market reached the lowest price level since September 26th. One might have expected silver to have garnered some classic physical commodity market support overnight, if the trade actually thinks something positive might come together from the latest Euro zone plan. However, silver seems to be at least partially undermined by the weakness in gold overnight and it also seemed as if silver was undermined by the testimony from the US Fed Chairman in the prior trading session. Therefore silver and gold might be poised to track the ebb and flow of safe haven psychology and that might make action in the equity markets less significant to the silver trade. Silver traders should continue to watch the silver markets reaction to scheduled US data flows, as that might verify or discount the focus on flight to quality developments. Comex Silver Stocks were 107.683 million ounces down 286,982 ounces. Silver stocks have increased 13 of the last 20 days. 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 slight gains later on today. The US Dollar is weaker against most of the major currencies this morning. There are reports that Franco-Belgian bank Dexia will be broken up, with toxic assets put into a bad bank that will have government support from both nations. A major credit ratings agency downgraded Italy's sovereign debt by three levels with a negative outlook. A private survey of German Service Industries during September was 49.7, lower than projections. A private survey of UK Service Industries during September was 52.9, much higher than expected. Euro zone GDP during the second quarter was up 1.6% year-on-year, slightly lower than forecasts. UK GDP during the second quarter was up 0.6% year-on-year, lower than expectations. Euro zone Retail Sales during August were down 0.3%, in-line with forecasts. Major US economic numbers to be released this morning, include a private survey of US Private Employment at 7:15 AM, a private survey of US non-Manufacturing industries at 9:00 AM, and a weekly private survey of mortgage applications released before the opening.