Compiled 11/23/11 6:00 AM (CT) Statistics: London Gold Fix $1,686.00 -$11.50 LME Copper Stocks 397,525 tons +450 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market also starts the Wednesday US trade out on a weaker footing. Like gold, the silver market is fearful that the Euro zone situation is entering a new and potentially more damaging phase. While some silver bulls might be hopeful of an 11th hour EU deal that saves the day, it is unclear if Germany is even open to the idea of a Euro bond. At least to start the silver market appears to be tracking classic physical commodity market fundamentals and the silver market might not be able to benefit in the wake of decent US scheduled data flows. After such significant and surprising gains in silver yesterday, it is possible that some of the pressure in silver prices this morning is technically related pressure. While silver hasn't paid that much attention to minor supply side developments lately, the market might derive some minimal support from news yesterday afternoon that Comex Silver Stocks fell to 105.887 million ounces, with a noted single day drop of 2,759,596 ounces. Silver stocks have declined in 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia and Europe were mixed during overnight trading, early indications are that US equity markets will open with moderate losses later on today. The US Dollar is stronger against most of the major currencies this morning. There are reports that Belgium has asked to renegotiate the bailout of Franco-Belgium bank Dexia that in turn could place more of a burden on France. Today's auction of German 10-year Bunds failed to receive bids for 35% of the maximum sales target. A private survey of Chinese manufacturing was at 48.0, lower than expectations. Euro zone Industrial Orders during September were -6.4%, much weaker than market forecasts. A private survey of German manufacturing during November was 46.9, also lower than market expectations. The final leg of the Treasury's refunding, the 7-Year Note auction, will have results announced at 12:00 PM. Major US economic numbers to be released this morning include Weekly Jobless Claims, October Durable Goods and October Personal Income and Consumption at 7:30 AM, a private survey of Consumer Confidence just before 9:00 AN, the Kansas City Fed's manufacturing index at 9:00 AM, and a private survey of mortgage applications released before the opening.