Compiled 10/20/11 6:00 AM (CT) Statistics: London Gold Fix $1,629.00 -22.00 LME Copper Stocks 450,850 tons -1,325 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Once again the silver market has outperformed the gold market in the overnight trade. However, silver outperformed the gold market by not falling as sharply as gold overnight and that leaves the bear camp in silver with a slight technical edge to start the Thursday morning US trade. Some traders look to this week's low of $30.37 in the December silver contract as a critical pivot point, while others suggest that the ebb and flow of the Euro zone situation is the main focal point of the silver trade. In other words, scheduled US data and Fed dialogue today might have some impact on silver prices, but major moves in silver prices are generally expected to be the result of fresh Euro zone headlines. At least to start, silver seems to be tracking like a physical commodity market fearful of further knock on slowing from the Euro zone. The silver market seemingly discounted long term private price forecasts for silver released overnight, even though the predictions expected silver to trade at least $10 an ounce above current levels. Comex Silver Stocks were 106.436 million ounces up 234,845 ounces. Silver stocks have increased 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia and Europe were generally weaker during overnight trading, early indications are that US equity markets will open with moderate gains later on today. The US Dollar is generally weaker against most of the major currencies this morning, although posting a small gain versus the Pound. Fed Governor Lockhart stated that the largest threat to the US economy comes from the current Euro zone debt problem. The Governor of the Bank of Japan said his nation's economy continues to pick up but global economic growth is slowing. German PPI during September was up 5.5% year-on-year, roughly in-line with market forecasts. UK Retail Sales during September were up 0.6%, higher than market expectations. Major US economic numbers to be released this morning include Weekly Jobless Claims at 7:30 AM, and the Philadelphia Fed business conditions index, a private survey of Existing Home Sales during September and a private survey of Leading Indicators during September at 9:00 AM. In addition, Fed Regional Presidents Bullard, Lockhart and Pianalto will give speeches during the session today.