Compiled 08/01/12 6:00 AM (CT) Statistics: London Gold Fix $1,614.75 -$8.00 LME Copper Stocks 248,625 tons -200 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) While the bull camp has to be cheered by silver's periodic capacity to outperform the gold market this week, a portion of the bull case is tempered by the fact that platinum and copper at times this week, have clearly outperformed the silver market. Evidence of slowing in Europe was probably given added credence in the wake of Chinese PMI figures overnight which barely remained above the growth/no growth line of 50.0. However, the question for today, is whether or not silver can derive buying support from more supportive "talk" from the Fed in the event that the Fed remains on hold later today. As in gold, silver might be temporarily cushioned against an on-hold US Fed, because of expectations of easing action from the ECB on Thursday morning. While silver hasn't paid that much attention lately to classic supply and demand issues, there was evidence yesterday of a minor inflow of capital into silver derivative instruments and that combined with favorable currency market action and generally higher global equities early today has probably given the bull camp an initial edge today. Traders should be on the look-out for silver's initial reaction to scheduled US data this morning, to determine whether the silver market's focus is on growth, or if the silver market's focus is on the prospects of additional easing from the US Fed. Comex Silver Stocks were 139.218 million ounces up 128,956 ounces. Silver stocks have declined 15 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese Shares were higher overnight, with the Chinese PMI report barely holding above the growth/no growth reading of 50.0. European shares were also higher and that is a little surprising considering the sweep of soft scheduled data flows from the EU. In fact, weak Factory orders data clearly fostered increased concerns of entrenched slowing in the Euro zone but the proximity to the ECB meeting on Thursday morning probably served to keep sentiment on a slightly positive track. While the US report schedule will be active today with Construction Spending, ISM Manufacturing and an On-line help wanted release, the main focus of the trade is likely to be on the early afternoon statement from the US Fed. Trade sentiment on the US Fed result today, mostly centers on supportive dialogue that is expected to stop just short of a definitive move on policy.