Compiled 06/18/12 6:00 AM (CT) Statistics: London Gold Fix $1,623.50 +$1.25 LME Copper Stocks 249,125 tons -325 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market is tracking lower with gold to start today despite periodic positive action by both platinum and copper prices. However, the bear camp in silver might feel confident in the wake of in initial slide below the prior session's low in the early US Monday silver trade action. Like other physical commodity markets, the silver trade is hopeful that upcoming action from the G20 or from the FOMC, will serve to improve global sentiment and in turn lift commodities and equities. The bull camp continues to tout the two month rise in open interest as a technical sign of a recent low and perhaps that also signals an end to the February through mid May downtrend pattern but the bull camp in silver probably needs to see some form of a definitive end to the European debt crisis to claim control over the trend. Given the action this morning, it would appear that silver has at least partially returned to a physical commodity market which is in need of positive macro economic developments and therefore the NAHB reading later this morning, could have an impact on silver prices. Comex Silver Stocks were 145.316 million ounces up 456,097 ounces. The Commitments of Traders Futures and Options report as of June 12th for Silver showed Non-Commercial traders were net long 13,100 contracts, a decrease of 166 contracts. The Commercial traders were net short 22,121 contracts, an increase of 1,497 contracts. The Non-reportable traders were net long 9,020 contracts, an increase of 1,663 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 22,120 contracts. This represents an increase of 1,497 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese stocks were stronger overnight, as the markets were at least initially cheered by news of a pro-bailout party victory in Greece. European equities were also positive with the DAX and CAC 40 Higher but the IBEX was lower and at least a portion of the early moderate gains in the European markets were being pared. Early US equity market action was weaker as the trend of the overnight action was seemingly shifting back in favor of the risk-off crowd. Markets might have been discouraged by the lack of an Indian interest rate reduction overnight and they might also have been disappointed with Spanish yields reaching up to a Euro era high as that could keep many potential investors on the sidelines until the road forward is less bumpy. It is possible that an upcoming G20 meeting will serve to cushion the markets against the Euro zone debt contagion story, but in the mean time the markets are likely to be driven in both directions as the world waits to see if the Greeks can actually form a government with the newly elected factions.