Compiled 03/06/12 6:00 AM (CT) Statistics: London Gold Fix $1,685.50 -$12.50 LME Copper Stocks 283,575 tons -2,250 tons Shanghai Copper stocks +5,401 tons to 221,487 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) May silver has also forged a fresh downside breakout and in turn the silver market has reached the lowest level since February 16th. A combination of adverse currency market action, fresh fears of global slowing and perhaps even diminishing hopes of QE3 from the US, seem to have prompted a wave of profit taking. With the most recent COT positioning report showing the non commercial and non reportable combined net spec long positioning in silver to be 51,472 contracts, that could mean the silver market was somewhat vulnerable to a certain measure of technical stop loss selling. However, from the last COT report mark off, the May silver contract to the lows this morning, has already fallen by more than $4.10 an ounce and that could mean the spec long positioning has already been aggressively reduced. Some traders might see strong 2011 profits at the world's largest silver producer as a slight negative to prices this morning, but most of the impact on silver prices appears to be coming from big picture macro economic developments. In another minor negative development over the last 24 hours, Comex Silver Stocks yesterday afternoon climbed to 131.035 million ounces with a daily gain of 596,069 ounces. Comex Silver Stocks are now at the highest levels since 10/24/2008. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asia equity markets were lower overnight, with some slight gains seen in the New Zealand equity market. Slowing global growth fears and classic profit taking action seemed to be in control of the Asian markets overnight. European equity markets were also weaker overnight because of sagging growth views, but there was also some residual fear toward Greece, as there were rumors swirling overnight of a delay in the coming debt swap deadline, but those rumors were officially denied. US equity markets were under rather noted downside pressure early on today and since that weakness comes on the heels of a large slide yesterday, there has probably been some damage on the equity market charts this morning. The US economic report slate today is thin, with weekly chain story sales figures the primary economic news flow of the day. The markets will potentially see some impact from the US political front today as the GOP selection battle passes another major milestone.