Compiled 01/25/12 6:00 AM (CT) Statistics: London Gold Fix $1,659.00 -$10.00 LME Copper Stocks 342,250 tons -3,525 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, March silver looks to start out weaker today. Apparently silver and other physical commodity markets remain concerned about the knock on impact of the Euro crisis and that theme is being given some added presence by a weak early euro trade. Silver might be slightly undermined by an anticipated decline in US pending home sales and it might also see some pressure from a mass layoffs report, both of which are scheduled for release later this morning. However, later in the session, the silver bulls probably expect to see some form of support from either the Fed statement, or from the new Fed interest rate forecasts. However, given the newness of the individual Fed interest rate forecasts, the reaction from the trade today, might be somewhat limited. Some players think that the State of the Union address rekindled fears of political gridlock in Washington and that in turn seemed to drain some economic optimism from the marketplace. Others think that a lack of progress on the Greek debt negotiations, have served to foster the current profit taking bias. In short, the bulls need something favorable from the US economic track in order to reverse or temper this week's downward track in silver prices. Comex Silver Stocks were 126.218 million ounces down 530,767 ounces. Stocks have increased 14 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) European equity markets were generally weaker this morning, while many Asian markets remain closed due to holiday. The markets saw weak UK GDP readings overnight and that might have contributed to fresh concerns of global slowing off residual problems in the Euro zone. However, the European markets were still concerned with the lack of forward progress on the Greek debt negotiations but they weren't overly interested in the fact that German business sentiment rose for the 3rd straight month! Today the markets are looking ahead to the end of a two day US FOMC meeting, with the Fed taking the added step of releasing individual Fed member interest rate forecasts today. The US trade will also see a Pending Home sales report and a mass layoffs release. Expectations call for a slight contraction in pending home sales figures. There will also be an auction of $35 billion in 5 Year US notes at mid session today. The US Dollar has started out stronger against the euro, although the Euro showed some bounce in the wake of the positive German business sentiment figures. In conclusion, the Pending home sales report might be the critical early morning event today, while the FOMC statement at 11:30 might dominate the mid day trade. However, the tone into the close today is likely to be dominated by the Fed's new interest rate forecast effort.