Compiled 11/22/11 6:00 AM (CT) Statistics: London Gold Fix $1,697.50 -$6.50 LME Copper Stocks 396,975 tons +1,100 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) While the December silver contract seems to be on a positive footing today, that is somewhat surprising considering, the news of the last 24 hours. In addition to an announced failure of the US Super Committee, the markets have also seen an escalation of tensions between the US and Iran and it would seem like the Russians are taking the Iranians side in the wake of the most recent sanction announcements. However, silver and other physical commodity markets are apparently cheered by a partially under control Euro zone situation, by hopes that the US has traversed the latest debt crisis deadline without a debacle and perhaps because of a slightly weaker dollar. Silver is probably drawing some additional support from marginally under control Euro zone credit market action, favorable equity market action and perhaps even from early holiday shopping season sentiment. To maintain, or add to the initial gains in silver this morning, probably requires positive US scheduled data flows and or easing talk from a Fed speech, or from the FOMC meeting minutes release. Fortunately for the bull camp, the silver market didn't seem to give too much credence to news overnight, that Comex Silver Stocks were pegged at 108.646 million ounces, for a daily rise of 372,328 ounces, as that put Comex Silver Stocks at the highest levels since 11/05/2010. 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 slightly higher later on today. There was talk overnight that the Chinese might have reduced reserve requirements for 5 smaller Chinese banks and that could prompt some to suggest that China is indeed backing away from overt tight money policies. Spanish Yields did show a rise this morning, but the markets weren't especially concerned about that news. The US Dollar is weaker against most of the major currencies this morning. The second leg of the Treasury's refunding, the 5-Year Note auction, will have results announced at 12:00 PM. The Federal Reserve will release the minutes of the November 2nd FOMC meeting at 1:00 PM. Major US economic numbers to be released this morning include third quarter Gross Domestic Product at 7:30 AM, and private surveys of store sales released during the session. In addition, Fed Regional President Kocherlakota will speak during the session.