Compiled 06/19/12 6:00 AM (CT) Statistics: London Gold Fix $1,628.50 +$5.00 LME Copper Stocks 251,675 tons +2,550 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Once again the silver market appears to be underperforming relative to gold, as September silver prices overnight have barely managed to hold above the prior close, let alone forge a new high for the move. Silver might be held back by weaker than expected German ZEW figures, which were down for the second straight month. While silver might be held back slightly because of its industrial/physical commodity fundamentals, the market is seeing some lift from expectations of easing from the US later this week. From the overnight news wire, silver saw one positive and one negative silver price forecast from two noted European banks, but with platinum and copper prices showing periodic early weakness, it is possible that fears of classic economic slowing have preventing silver from getting as much lift as gold off ideas of impending US Fed action. Therefore silver prices will probably see some reaction to US scheduled housing data later on this morning. At least in the early going, silver was seeing very minor support from the currency markets and perhaps a minimal amount of lift from higher early action in US equities. Comex Silver Stocks were 144.785 million ounces down 530,305 ounces. Silver stocks have increased in 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian stocks were weaker overnight and that action was seen well in advance of a discouraging economic survey from Germany that applied fresh pressure to European equities. European equities did fall off the softer than expected German ZEW readings released this morning, but the markets in Europe were already a bit soft because of rising borrowing costs for various EU trouble spot countries. Somewhat surprising is the fact that US stocks were holding in positive ground into the German ZEW results and they showed very little reaction to the weak data. Apparently the US markets are beginning to look forward to the FOMC meeting results on Wednesday afternoon, which many think will bring on an extension of the operation twist program. Therefore the markets will take a long look at US housing starts and permits data, which are expected to come in minimally higher and for some,that might temper the prospect of definitive US Fed action on Wednesday.