Compiled 02/27/12 6:00 AM (CT) Statistics: London Gold Fix $1,765.00 -$12.50 LME Copper Stocks 300,475 tons -3,025 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Like gold, the silver market is starting the new week out on a slightly vulnerable technical track on the charts. With the March silver contract falling back toward even numbers of $35.00, it would seem like the macro economic outlook is somewhat undermining of physical commodity prices this morning. After a new high for 2012 last Friday, some of the setback this morning might be the result of classic technical balancing but it might also be the result of tempered economic views. In fact, weaker equities, weaker oil and adverse currency market action looks to present silver with a definitively negative outside market environment to start the new trading week. Therefore, the silver bulls probably need something positive from the US Pending home sales report to countervail the initial bearish vibe. Comex Silver Stocks were 128.894 million ounces down 125,250 ounces. Silver stocks have declined 11 of the last 20 days. The Commitments of Traders Futures and Options report as of February 21st for Silver showed Non-Commercial traders were net long 29,751 contracts, an increase of 1,471 contracts. The Commercial traders were net short 43,024 contracts, an increase of 2,106 contracts. The Non-reportable traders were net long 13,273 contracts, an increase of 636 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 43,024 contracts. This represents an increase of 2,107 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were mixed overnight, with Hong Kong shares lower and Shanghai shares reaching the highest level since the middle of last November. Japanese stocks started off higher off ongoing relief from ultra high currency exchange rates. European equity markets started off weaker as fears of slowing off high oil prices was a wide spread theme overnight. However, the fear of slowing off soaring oil prices was partially countervailed by decent auction results for Italian bills. One might have expected the Euro to have seen some support from news that the G20 had lined up a $2 Trillion rescue fund! In looking ahead to the US trade today, the markets will be bracing for a US Pending home sales report, which is expected to post a minimal rise and that will be followed by a Dallas Fed Manufacturing Index. Later in the trading session the market will also see some revisions on January US building permits data and that could be an important release at the start of a new trading week.