Compiled 05/16/12 6:00 AM (CT) Statistics: London Gold Fix $1,537.50 $-21.50 LME Copper Stocks 215,350 tons -1,000 tons. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Not surprisingly July silver has followed gold and other physical commodity prices down in the wake of a chorus of predictions that Greece will exit the Euro zone. Another element that is keeping up the pressure on silver and other physical commodity markets is the fear that either Spain or Italy could be poised for another bout of financial instability directly ahead. While some technical analysts think silver is overdone with the high to low May washout of $4.18 an ounce, the last COT report still showed the Non Commercial and Non reportable net positioning in silver to be roughly long 20,000 contracts and therefore the slide in silver prices was at least partially the result of long liquidation. In looking forward to the action today, silver and other physical commodity markets will need to see something very positive from US scheduled data just to slow the downward price march on the charts and even then some traders might make favorable US data into a negative, by suggesting that news could discourage the Fed from acting. However, the silver trade will probably take a long look at the FOMC meeting minutes release later today, especially with some traders thinking that the threat from the Euro zone is likely to prompt the US Fed to act sooner than they might have acted off an isolated threat of US slowing. Comex Silver Stocks were 141.711 million ounces up 1,221,521 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) The Hong Kong market resumed its downward march last night with the largest daily loss in several months overnight. Shares also weakened on mainland China as investors overnight were disappointed by weaker than expected Chinese loan demand figures for May. Not surprisingly, European equity markets were mixed to weaker again overnight with a fairly negative flow of headlines on Greece keeping investors on edge. With reports of many Greeks pulling deposits from banks, that in turn has fanned talk of a Greece exit from the Euro zone. Early action in the US equity markets was mixed and two sided as the hangover from the Euro zone has kept investors nervous. The main feature of the US trade today could be US housing data or it could be the FOMC meeting minutes release later in the day.