Compiled 11/21/11 6:00 AM (CT) Statistics: London Gold Fix $1,704.00 -$26.00 LME Copper Stocks 397,000 tons -1,250 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) At least in the early action today, the silver market has managed to avoid a downside breakout on the charts. In other words, silver in some ways has outperformed the gold market in the early Monday trade action. However, December silver prices were still down sharply in the early action today, as they apparently feel the pressure from renewed slowing fears that in turn are thought to be the direct result of European and US debt troubles. Like gold, silver is probably seeing some currency related pressure this morning. With the focus of the trade seemingly on the ebb and flow of investment demand, the trade probably hasn't seen too much of a reaction to news from Hecla Mining that silver production problems weren't expected to alter their 2011 annual output targets. With silver behaving like a physical commodity to start today, the bear camp in silver might expect soft US housing data and weaker US equity market action to add to their initial edge. Comex Silver Stocks were 108.274 million ounces down 16,258 ounces. Stocks have declined 13 of the last 20 days. The Commitments of Traders Futures and Options report as of November 15th for Silver showed Non-Commercial traders were net long 20,229 contracts, an increase of 1,516 contracts. The Commercial traders were net short 32,935 contracts, an increase of 1,127 contracts. The Non-reportable traders were net long 12,706 contracts, a decrease of 388 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 32,935 contracts. This represents an increase of 1,128 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia and Europe were generally lower during overnight trading, early indications are that US equity markets will open with substantial losses later on today. The US Dollar is stronger against most of the major currencies this morning. Spain elected a center-right coalition in yesterday's vote with the largest majority in 30 years. A major credit ratings agency said that France's credit rating could be negatively impacted by higher borrowing costs for an extended period. The Japanese Trade deficit during October was 273.8 billion Yen, a much larger deficit than expectations. Major US economic numbers to be released this morning include the Chicago Fed's National Activity Index for October at 7:30 AM, and a private survey of October Existing Home Sales at 9:00 AM. In addition, Fed Regional President Lockhart will speak during the session.