Compiled 07/06/12 6:00 AM (CT) Statistics: London Gold Fix $1,591.75 -$25.00 LME Copper Stocks 254,450 tons +1,725 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market has also forged another downside extension on the charts and to the lows this morning September silver is trading roughly $1.54 an ounce below this week's high! With estimates for the US Non Farm payroll report calling for a gain of 100,000 jobs and that figure markedly above the prior month's tally, it could be difficult to foster near term US easing talk. With silver derivative holdings yesterday afternoon showing a decline and the benefits of the Chinese easing apparently lost quickly, the bear camp in silver has to feel like they have the edge to start today. In fact, with weakness in a long list of physical commodity markets, adverse currency market action and entrenched slowing views coming from a number of different geographical areas, it isn't surprising to see a risk-off environment at the start of the Friday US trade action. Like gold, silver could initially be discouraged by soft US Non Farm data, but eventually weaker than expected data should provide an up tick in US easing expectations. On the other hand, seeing an as expected or better than expected US payroll result could dampen easing talk and that in turn might leave the world with a distinctly negative macro economic view. Comex Silver Stocks were 145.808 million ounces down 1,295,581 ounces. Silver stocks have increased in 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese equity markets were mixed again overnight, with Hong Kong shares lower and mainland Chinese shares managing to post a minor gain in the face of another weekly loss. European shares were weaker with the DAX posting a somewhat noted slide overnight. The US scheduled report slate today will present monthly payroll data for June, which is generally expected to show a gain of roughly 100,000 jobs, which will be an improvement on the prior month's gain of only 69,000 jobs. Apparently a series of central bank easing moves this week have failed to improve macro economic sentiment around the globe and without an as expected US Non farm payroll result, the fear of slowing and deflation are likely to dominate over hope of a return to growth. While a softer than expected US Non farm payroll result will probably enhance the fear of global slowing further, that type of news could rekindle talk of US easing later in the session.