Compiled 02/02/12 6:00 AM (CT) Statistics: London Gold Fix $1,747.50 +$3.50 LME Copper Stocks 328,675 tons -625 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The March silver contract continued to consolidate in the overnight action and to the bear camp that hints at a loss of momentum. However, the bull camp might spin the consolidation action into a positive by suggesting the market is simply building a base above $33.00. Like gold, silver continues to track classic physical commodity market fundamentals and that means the bulls need a stronger Euro and something positive from US scheduled data and or from the US Fed. However, in the early action today silver seems to be lagging relative to gold and platinum prices and that might embolden some in the bear camp. In fact, silver seems to be tracking closely with copper and that could suggest the silver trade might be looking for direction from US claims and from the US equity markets. Some silver bulls are hopeful that dialogue from various Fed sources today will serve to provide some fresh lift to silver prices. Comex Silver Stocks were 128.983 million ounces up 312,407 ounces. Silver stocks have increased 14 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were generally stronger this morning, off mostly up beat data flows. However, European equities were mixed to slightly weaker overnight off some softer than expected guidance from a couple multinational heavyweights. In the early action today, US equities were showing mixed action, and it would appear that the US market is looking for some guidance from scheduled data or perhaps from a series of Fed speeches later today. From the US scheduled data front, the markets will be presented with a private layoff report early on and that will be followed by weekly claims figures, which are expected to post a minor decline. While the market will also see a US Productivity reading, the trade doesn't think that today's Productivity readings are likely to have a noted impact on Fed policy. It is also possible that a series of Fed speeches/testimony could have an impact on precious metals and physical commodity markets during the session today. A portion of the trade thinks the Fed will hint at more assistance for the US economy.