Compiled 01/11/12 6:00 AM (CT) Statistics: London Gold Fix $1,641.00 +$14.00 LME Copper Stocks 365,375 tons -1,525 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Unlike gold, March silver remains significantly below its 200 day moving average this morning. Furthermore, while gold managed another higher high overnight, March silver wasn't able to forge a fresh upside breakout this morning. At least in the early action today, March silver seemed to be lagging behind gold, with silver barely managing to sustain a positive trade. At least to start today, there doesn't appear to be a definitive risk-on vibe in place again and there also isn't a definitive upward thrust in equity prices and that might leave silver without a distinct bias. In fact, initial weakness in equities and somewhat adverse initial currency market action might give the bear camp the advantage of the headlines to start the Wednesday US trade. With little in the way of scheduled US data due out later today, action in equities and dialogue from the US Fed might be the main driving forces for silver prices throughout the session today. Comex Silver Stocks were put 123.663 million ounces yesterday for another large daily gain of 1,775,736 ounces. Comex Silver Stocks are now at the highest levels in a year and they are at the highest levels since 03/31/2009. Silver stocks have increased in 15 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Equity markets in Asia were mixed overnight with Hong Kong up and the Shanghai market mostly choppy. European markets followed through with a fresh 5 month high initially but gave back some of those gains as the session progressed. The US equity markets look poised to start out mixed to slightly weaker. The US Dollar has started out stronger against the euro, but it might show some minor weakness today versus the Canadian and the Aussie Dollar. Overnight the markets saw evidence that the Euro zone crisis was weighing on the German economy and the markets were also presented with a more definitive view on who might become the GOP candidate for President. Ongoing violence in Iran was seen overnight, with reports of a bombing that killed an Iranian nuclear scientist and that supposedly resulted in Iran pointing a finger toward Israel and for some, that might serve to increase geopolitical anxiety in the marketplace. In looking ahead, the markets will see another US debt auction today, several Fed speeches and the release of the Fed Beige book and the trade probably thinks those events will generally provide support for the metals complex.