Compiled 06/20/12 6:00 AM (CT) Statistics: London Gold Fix $1,618.75 -$9.75 LME Copper Stocks 250,350 tons -1,325 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The July silver chart doesn't look particularly impressive to start today, as silver prices sit just above what would appear to be a consolidation low zone. At least initially, the silver market didn't seem to be particularly happy with the BOE meeting minutes, which in effect left QE efforts in place, as opposed to expanding QE efforts. With ongoing concern toward Spain and Italian borrowing costs, weak UK employment data and little in the way of ground breaking results from the G20 meeting, silver and other physical commodity markets probably remain concerned about the direction of the global economy. While it might be difficult to make an extension of operation twist into a net negative to silver prices, it is possible that many silver bulls will come away from the press conference today, wanting more action. As in the gold market, the silver trade mostly expects operation twist to be extended but some players have been hopeful that the Fed will at least mention the potential of buying US mortgage instruments and for some, the promise of additional action, might help to cushion prices. Comex Silver Stocks were 144.739 million ounces down 46,154 ounces. Silver stocks have increased in 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Stocks were mixed in China with Hong Kong stocks forging minor gains and the Shanghai Composite falling slightly on the lowest volume in 4 1/2 months. European equities were also weaker this morning, with hope of additional easing from the US later today serving to provide some form of cushion for prices. The European markets might have seen some support from rather dovish talk from the BOE MPC, which voted 5 to 4 to leave stimulus in place but unchanged and ultimately that seems to more of an on-hold stance than a fresh easing stance. With some MPC officials indicating they wanted to see how events in the Euro zone play out, it is possible that the US Fed could be in a similar position. At a minimum, the markets might need to see operation twist in excess of $200 billion, just to avoid disappointment in the wake of the FOMC statement and press conference later today.