Compiled 01/23/12 6:00 AM (CT) Statistics: London Gold Fix $1,675.00 +$29.00 LME Copper Stocks 345,775 tons -2,975 tons Shanghai copper stocks +11,193 tonnes SILVER MARKET FUNDAMENTALS: (6:00 AM CT) While silver saw news of higher silver production from a Canadian silver miner overnight, the silver market appears to have overcome bearish limitations to start the new trading week. In fact, March silver this morning has managed to reach the highest level since December 8th and it also wouldn't seem as if the lack of a Greek creditor deal has undermined silver this morning. Perhaps the markets are looking ahead to the prospect of supportive talk from the US Fed later this week, or perhaps the market continues to draft off the generally favorable US macro economic vibe from last week. In the early action, it would seem like strength in the Euro could be the primary supportive factor in silver, but very positive early leadership in gold can't be discounted as another key factor in this morning's early action. Comex Silver Stocks were 127.146 million ounces up 1,533,305 ounces. Comex Silver Stocks are at the highest levels in a year. Comex Silver Stocks are at the highest levels since 01/12/2009. Stocks have increased 15 of the last 20 days. The Commitments of Traders Futures and Options report as of January 17th for Silver showed Non-Commercial traders were net long 16,665 contracts, an increase of 2,127 contracts. The Commercial traders were net short 24,437 contracts, an increase of 1,114 contracts. The Non-reportable traders were net long 7,772 contracts, a decrease of 1,013 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 24,437 contracts. This represents an increase of 1,114 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Australian equity markets were generally weaker overnight, but many Asian markets were closed due to holiday. Apparently Australian and other equity markets were somewhat undermined as a result of a lack of an agreement from Greek creditor negotiations over the weekend. While the EU announced an Embargo on Iranian oil exports starting on July 1st, the trade didn't seem to garner too much direction from that development, but it should be noted that crude oil prices seemed to regain some footing in the wake of that news. The markets did see minimally positive Spanish growth readings for all of 2011 and a prediction of a 1.5% 2012 growth rate from the Spanish central bank this morning. The US Dollar has started out weaker against the euro and it was also down against most of the actively traded currencies. In looking ahead, there will be a US State of the Union address and an FOMC meeting later this week, with US economic data reports not really an impact until durable goods are released later in the week.