Compiled 05/17/12 6:00 AM (CT) Statistics: London Gold Fix $1,547.00 $+9.50 LME Copper Stocks 217,450 tons +2,100 tons. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Surprisingly July silver has spent the majority of the overnight action trading above the prior session's closing level. Silver appears to have seen some technical short covering action in the wake of the better than expected US data yesterday morning and therefore the bull camp probably needs to see additional positive readings from the US economic report slate today jut to throw off more of the rather surprising May slide in silver prices of $4.60 cents an ounce. Many traders see the upside potential in silver as limited in the short term and therefore a large amount of today's tone could be imprinted on the trade in the wake of the US claims results. At least to start today, concerns toward the Euro zone have remained in check and that view has been given some added credence by initial strength in US equities. Silver might have been limited in its initial upside tilt this morning, by an analyst price projection reduction of a key silver miner's shares. Comex Silver Stocks were 141.998 million ounces up 286,359 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While mainland China investors overnight were partially cheered by a Chinese attempt to stimulate domestic consumption through subsidies for energy saving appliances, Hong Kong shares actually remained off balance because of residual fears flowing from the Euro zone. European equity markets were weaker to start today, as increased yields for Spanish debt rose and that kept anxiety up on Euro zone debt issues. Early action in the US equity markets were hinting at the potential for a positive US opening as some investors were comforted by a positive spin from the latest US Fed dialogue. However, the US economic condition was slightly improved yesterday by scheduled data flows and with general expectations for a decline in claims and minimal gains in US Leaders and the Philly Fed survey later this morning there could be less US slowing fears in the trade today.