Compiled 05/02/12 6:00 AM (CT) Statistics: London Gold Fix $1,652.50 -$8.75 LME Copper Stocks 238,950 tons -2,600 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market has started off under some pressure and has initially violated the prior session's low. Silver might have been undermined by an analyst downgrade of silver price projections overnight and silver might simply be under pressure because of adverse currency market action in the early going today. With silver at times this week tracking its physical commodity market fundamentals, as opposed to financial/gold related fundamentals, it is possible that the private early jobs report will temporarily benefit the bull camp in silver and the Factory Orders result later on might be expected to undermine silver prices. For the time being, the silver market will probably continue to track with US equities, but one can't rule out surprise reactions in silver from one of the three Fed speeches that are scheduled today. Comex Silver Stocks were 142.125 million ounces up 562,135 ounces. Comex Silver Stocks are now at the highest levels since 08/06/2008. Silver stocks have increased in 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were higher overnight possibly as a catch up to the gains forged in US stocks on Tuesday. European markets were mostly higher and that was surprising considering that Euro zone jobless figures reached a fresh record high. US stock markets were showing a mixed early trade today, but it could take something positive from US data or from corporate earnings reports to countervail what feels like a minor early profit taking bias. There will be three Fed speeches throughout the trading session today and those speeches could provide surprise market reactions.