Compiled 12/27/11 6:00 AM (CT) Statistics: London Gold Fix $1,607.50 N.A. LME Copper Stocks 372,300 tons Unchanged SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market has also started off the holiday shortened week somewhat softer and that would appear to be the result of residual Euro zone slowing fears. However, a number of outside market forces look to check the weaker tilt in silver, especially if global equity markets see positive European closes. Talk of Chinese silver exports quotas for 2012 might be seen as a slight negative on their face, but recently the silver market hasn't been overly concerned about classic supply side developments. Furthermore, the Chinese were actually moving to lower their level of silver export quotas and therefore the trade could have spun that story into a positive. Like gold, the silver market will take a lot of direction from equities but apparently somewhat positive action in Europe and the prospect of a positive US equity opening hasn't exactly righted the ship in silver to start today. Therefore, silver would appear to need definitively up beat US data and solid leadership in US stocks just to overcome a sloppy start. The Commitments of Traders Futures and Options report as of December 20th for Silver showed Non-Commercial traders were net long 11,612 contracts, a decrease of 6,190 contracts. The Commercial traders were net short 19,691 contracts, a decrease of 5,476 contracts. The Non-reportable traders were net long 8,080 contracts, an increase of 715 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 19,692 contracts. This represents a decrease of 5,475 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Equity markets in Asia were weaker overnight, with the Shanghai composite hitting the lowest level in 3 years. European stocks were mixed, but were at times clawing back into positive ground to start the Tuesday trade. Early indications are that the US markets will also open with gains later on today. Overnight Russian leadership indicated that revisiting the recent election was impossible and that could spark ongoing protests in that country. In other news, German officials were mostly upbeat toward the status of their economy, but ECB overnight deposits reached another new all time high and that highlights ongoing anxiety toward the Euro zone situation. The markets await an Italian debt auction later this week and that could eventually trump the flow of positive scheduled data from the US. The US Dollar was marginally weaker against most of the major currencies, with the euro minimally higher. The scheduled data flow from the US today brings several Fed regional reports, a private home price survey and Consumer confidence figures. It is possible that hope for strong post holiday sales (mega Monday) could provide the markets with some positive macro economic vibes today.