Compiled 05/18/12 6:00 AM (CT) Statistics: London Gold Fix $1,588.00 $+41.00 LME Copper Stocks 221,175 tons +3,725 tons. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) For the time being, the silver market has de-linked somewhat from its industrial commodity standing and instead the silver market has hitched its wagon to gold and the prospect of additional US easing. However, silver is also drafting some spillover safe haven buying from gold, but safe haven buying of silver has historically been suspect. While the US scheduled report slate today is devoid of major market moving data, the threat of knock on slowing from Europe will probably be assumed from the action in international and US equity markets today. Therefore silver prices might be expected to track inversely with the US equity market, as sharply lower stock prices would seem to confirm the need for fresh easing action or sharply lower stock market action could be factoring in some type of failure of the Euro zone. On the other hand, silver and other physical commodity markets might see some minor drag off overnight news of softer than expected inflation readings from Germany for the month of April. The markets could have been cheered somewhat by a surprising jump in Italian March Industrial orders, but apparently most markets are not receptive to positive economic news from the Euro zone. Another minimally supportive overnight development for silver came from a private annual silver outlook which suggested low silver prices are likely to spark some bargain hunting buying by jewelers and industrial users of silver. Comex Silver Stocks were 142.315 million ounces up 317,443 ounces. Comex Silver Stocks are now at the highest levels since 08/06/2008. Silver stocks have increased 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) China shares overnight were mostly weaker with the focus of the anxiety mainly on the threat of debt problems in Spain and Italy. European equity markets were also weaker to start today, with many measures in that region poised to forge the biggest weekly loss in 6 months. A downgrade of Spanish Banks by Moody's and a two notch credit rating downgrade of Greece by Fitch wasn't that surprising, but that action seems to have rekindled speculation of a breakup of the Euro zone again. While US equities were at times trading in positive ground early this morning, an empty US scheduled report slate might leave the market's focus on Europe and the Facebook IPO.