Compiled 05/09/12 6:00 AM (CT) Statistics: London Gold Fix $1,585.50 $-41.50 LME Copper Stocks 220,925 tons -7,525 tons. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) A big range down extension in July silver puts the market down to the lowest level since January 9th. While the July silver contract filled an old gap with the slide overnight, the overall macro economic outlook doesn't look to provide any support to silver prices in the near term. In fact, a large portion of the marketplace seems to be content to fret over the prospect of a dismal result for upcoming Euro debt auctions and that might be prompting a sell the rumor mentality throughout a long list of physical commodity markets. Just to add to the bearish demand news, silver was also presented with evidence of a noted increase in silver production from Peru in the month of March. In fact, Peru's silver production almost increased by 12% versus year ago March levels and therefore the supply side of the equation also offers up a bearish view today. In looking forward, the US scheduled report slate only offers up a US Wholesale trade report and it could be difficult to see a marked improvement in macro economic expectations from that type of report. Comex Silver Stocks were 141.602 million ounces down 416,389 ounces. However, silver stocks have increased in 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets were weaker again off lingering concerns toward Greece overnight, but Chinese shares might have seen some fresh selling off talk of a possible delay in the upcoming five-year Chinese planning meeting. Hong Kong shares actually saw their losing streak extend to a fifth straight session. European equity markets were under initial pressure again today with the German stock market managing to buck the trend with minor gains. Early action in the US equity markets showed ongoing weakness again as Euro zone fears haven't been unseated yet and the outlook for the US economy remains suspect. It's a bearish environment when both Ford and Toyota hint at production increases and that news is fully discounted.