Compiled 07/05/12 6:00 AM (CT) Statistics: London Gold Fix $1,616.75 +$6.25 LME Copper Stocks 252,725 tons -800 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market has also started out weaker today but prices have remained within relatively close proximity to the prior session's highs in the early action. As in gold, the silver bulls have already anticipated some easing action from both the ECB and the BOE. Many traders have probably factored in some prospect of easing from the US also but that outcome won't be in the spotlight until after the US payroll release Friday morning and perhaps not until the US Fed Chairman speech has concluded on Friday. Silver is seeing somewhat negative outside market action from the currency markets today and silver is also seeing weakness throughout the metals complex to start the Thursday US trade. With September silver prices to this week's highs, sitting roughly $2.30 an ounce above the last two week lows, it would appear that some portion of easing has been factored into silver prices already. Therefore, the trade will be looking to the ECB and BOE actions for any signs of aggressive action, as that might be needed to push up silver prices straight away. With expectations for today's US data somewhat mixed, the silver trade is likely to take most of its direction from the action in US equities. Comex Silver Stocks were 147.103 million ounces up 570,696 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese equity markets were mixed overnight, with Hong Kong shares higher and mainland Chinese shares weaker. In general Asian equity markets were mixed with some ongoing anticipation of another Reserve Rate Requirement reduction from China providing some markets with a lift. However, late breaking news that China cut deposit rates only seemed to add marginal gains to the metals markets this morning. European shares were generally higher overnight (with the exception of the IBEX) and that was probably the result of declining Spanish yields and hopes for an ECB rate reduction. At least in the early action today, the focus of the trade is likely to center on the ECB meeting and results, but that focus will be at least partially divided by the impending US data flows. The US scheduled report slate today will officially kick off the monthly payroll report watch, as an ADP job report will be seen along with weekly initial and ongoing claims figures. Estimates for the early private jobs report today call for a gain of 100,000 to 110,000 jobs and the markets will probably extrapolate that data for a fresh round of estimates on the official Friday US payroll report. Also out from the US today is an ISM Non Manufacturing report and a private layoff report.