Compiled 05/14/12 6:00 AM (CT) Statistics: London Gold Fix $1,563.00 $-16.25 LME Copper Stocks 218,300 tons -2,975 tons. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) While July silver hasn't seen as big of a range down washout as gold prices in the early Monday US trade action, it has reached down to the lowest levels since December 30th of 2011. Clearly a broad based fear of global slowing is being factored into prices but that fear of slowing is coming from the Euro zone, China and the US and therefore it is not surprising to see such significant losses on the charts. As in gold, silver didn't seem to find much in the way of support from the news of Chinese easing overnight, as the trade seems to think that China was slow in stepping up with support for their economy. It also seems as if the failure to get a government in position in Greece has left that situation as a definitive negative to all physical commodity markets. In the near term, it could take evidence of fresh easing from the US just to distract the attention away from the Euro zone problems, but with no scheduled US data due out from the US today, it could be difficult to remove the risk-off mentality. Comex Silver Stocks were 140.582 million ounces up 110,401 ounces. The Commitments of Traders Futures and Options report as of May 8th for Silver showed Non-Commercial traders were net long 14,495 contracts, a decrease of 3,197 contracts. The Commercial traders were net short 20,431 contracts, a decrease of 6,174 contracts. The Non-reportable traders were net long 5,936 contracts, a decrease of 2,976 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 20,431 contracts. This represents a decrease of 6,173 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian equity markets remained weak again last night despite a reserve rate requirement cut by China over the weekend. Apparently investors in Asia are concerned about additional slowing ahead and many press outlooks are now predicting other easing actions from the Chinese government to cushion against further slowing. European equity markets also remained very weak as a political setback in Greece put that country back into the headlines again. An Italian debt auction posted the highest yields since January early this morning but decent demand for the Italian debt today kept the situation in Italy from becoming a more major and sustained anxiety event. Early action in the US equity markets showed notably weak action with the S&P falling down to the lowest level since March 7th. A thin US economic report slate today, could leave the risk off vibe in place and leave the anxiety focus squarely on European affairs.