Compiled 05/07/12 6:00 AM (CT) Statistics: London Gold Fix $1,629.50 N.A. LME Copper Stocks 230,625 tons N.A. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) While July silver prices have started out within relative proximity to last Friday's close, silver was under some more aggressive initial pressure in the aftermath of the French election results overnight. The bull camp might try to play up the July silver's capacity to respect even numbers of $30.00 on the charts, but adverse currency market action and sharply lower global equity market action looks to leave most physical commodity prices like silver under pressure. Some players are already looking ahead to longer term Spanish debt auctions later this week, for additional economic turmoil and that suggests bearish developments are being embraced and that economic optimism is currently out of vogue. With the US scheduled report slate today only bringing forth US Consumer Credit, the silver trade might not be able to markedly alter its initial bias. About the only thing the silver bulls might be able to embrace this morning is the fact that some US equity market measures have been able to reject a moderate portion of the initial heavy losses forged in the wake of the French election results. Comex Silver Stocks were 142.018 million ounces down 81,409 ounces. Stocks have increased 12 of the last 20 days. The Commitments of Traders Futures and Options report as of May 1st for Silver showed Non-Commercial traders were net long 17,692 contracts, a decrease of 854 contracts. The Commercial traders were net short 26,605 contracts, an increase of 1,436 contracts. The Non-reportable traders were net long 8,912 contracts, an increase of 2,289 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 26,604 contracts. This represents an increase of 1,435 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were weaker off the French and Greek election results, with the Hong Kong market forging one of the steepest losses of 2012. The Nikkei was also sharply lower to start the new trading week as investors there worried about further slowing in the US and Euro zone. European equity markets were also weaker to start today, as the trade fears another change in the dynamic of an already fragile Euro zone leadership. Early action in the US equity markets was also sharply lower, with most of the losses seen shortly after the election results in France were known on Sunday.