Compiled 07/30/12 6:00 AM (CT) Statistics: London Gold Fix $1,616.50 -$3.25 LME Copper Stocks 249,075 tons -1,225 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) Unlike gold, the silver market really didn't forge an overly impressive run up last week in the face of fresh supportive talk from the Euro zone. However, September silver did see a low to high rally last week of roughly 24 cents an ounce, but the market seemed to run into resistance just under even numbers of $28.00. Silver derivative investment demand has remained unchanged recently and that suggests that silver is being held back by ongoing slowing fears. However, the bull camp might be partially emboldened this morning by the fact that silver prices early this morning, have at times outperformed gold prices. It is also possible that strength in grain prices is providing some early spillover support to silver prices, but seeing weaker equities and adverse currency market action probably serves as an overall limit on silver prices. Like gold, silver players might expect to see speculative interest revived once the FOMC and ECB meetings draw closer. Comex Silver Stocks were 141.079 million ounces up 845,625 ounces. Silver stocks have declined 14 of the last 20 days. The Commitments of Traders Futures and Options report as of July 24th for Silver showed Non-Commercial traders were net long 8,563 contracts, a decrease of 276 contracts. The Commercial traders were net short 16,218 contracts, a decrease of 306 contracts. The Non-reportable traders were net long 7,656 contracts, a decrease of 29 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 16,219 contracts. This represents a decrease of 305 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Asian Shares were weaker overnight, with the Shanghai market settling within close proximity to 3 year lows. European shares saw some initial gains in the wake of hopes for easing from the ECB but that optimism wasn't extended into the early US equity market action. Evidence of ongoing slowing was seen in the Euro zone this morning and there continues to be talk of yet another critical credit market show down in the Euro zone into the September time frame. The US scheduled report slate today is somewhat active with regional Fed manufacturing data due out and some tacit expectations for QE3 periodically popping up in the headlines. While gold and silver might garner some minor lift from significant strength in grain prices, the inflation story is mostly curtailed because of a lack of definitive forward motion in the global economy.