Compiled 05/23/12 6:00 AM (CT) Statistics: London Gold Fix $1,555.00 $-20.75 LME Copper Stocks 225,700 tons +1,725 tons. SILVER MARKET FUNDAMENTALS: (6:00 AM CT) A big range down extension overnight was largely deserved as fears of global slowing are present from a number of different sources. General trade expectations seem to be moving to price in a Greek exit from the EU and many global equity markets are moving to price in additional knock on slowing because of the ongoing Euro zone turmoil. Silver might attempt to derive some temporary support this morning from US new home sales results, but positive economic news is likely to be glossed over rather quickly in the current environment. In fact, adverse currency market action and ongoing weakness in a host of physical/industrial commodity markets probably leaves the environment for silver negative to start the Wednesday US trade. At this point, it would seem like the markets have little expectation of positive developments flowing from the EU summit. It also seems as if US Fed easing expectations are very low right now and that additional stimulus hints from the Chinese leadership overnight were largely discounted. Comex Silver Stocks were 141.933 million ounces up 109,426 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian shares were under pressure overnight with Hong Kong shares reaching the lowest levels since late January. European equity markets were also showing renewed weakness, as key EU leaders openly debate the next steps to insure the survival of the Union. News that the EU set up a working group on Greece seemingly hints to some, that the troubled EU nation Greece might be poised for an exodus, while others think the EU is simply working even harder to keep Greece within the alliance. As least into this morning's trade, expectations for something substantial from the EU summit are running very low and there continues to be ongoing concern for a tranche of debt offerings on Thursday morning. The US economic report slate today presents US new home sales and since that news follows a noted jump in US existing home sales readings yesterday, there might be some minor hope for another decent reading from the US housing sector.