Compiled 01/31/12 6:00 AM (CT) Statistics: London Gold Fix $1,738.00 +$17.50 LME Copper Stocks 330,825 tons -2,300 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Apparently the silver market isn't overly concerned about rising silver supply at the exchange, as Comex Silver Stocks overnight were pegged at 129.103 million ounces for another gain of 843,930 ounces. Comex Silver Stocks are now at the highest levels since December of 2008 and silver stocks have increased in 15 of the last 20 days. While March silver prices haven't managed a fresh upside breakout like gold prices in the early Tuesday US trade action, the silver market is still tracking within close proximity to the recent highs. One might expect the bull camp in silver to have the edge this morning, as currency market action is supportive, equities are generally higher and economic information overnight was minimally supportive of physical commodity markets. However, like gold, silver probably needs to see generally positive US scheduled data flows just to maintain a positive tilt, but some traders might wonder if there will be enough positive economic news this morning, to offset an anticipated decline in the private home price survey. However, with the trade noting a slight rise in silver derivative instrument holdings overnight, investors don't seem to be backing away from the silver market in the face of the recent consolidation in silver prices. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were higher this morning, but stocks in Australia and New Zealand were a touch lower. European equity markets were higher and seemed to be poised to finish up a rather positive month of trade. The Euro zone jobless rate was unchanged at 10.4% for December, while the German January adjusted jobless rate reading showed a minor decline to 6.7% from 6.8%. In looking ahead to the US action today, the markets will be presented with a US employment cost index, Chicago ISM manufacturing and Consumer Confidence readings, with expectations calling for minor gains in both the ISM and Confidence reports. Most traders don't expect to see much in the way of inflationary pressures from the US employment cost index report this morning. Also due out during the session today, will be a private home price survey, which many analysts expect will show another minor decline in US home prices.