Compiled 08/14/12 6:00 AM (CT) Statistics: London Gold Fix $1,614.50 -$7.75 LME Copper Stocks 237,500 tons -1,675 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market is showing some minor short covering action in the early Tuesday US trade but given the magnitude of the slide in silver prices yesterday, some of the gains today might be technical short covering and position squaring. However, the silver market didn't see an increase in silver derivative investment interest overnight like the gold market and silver recently has established a rather tight positive correlation with platinum and copper prices. Therefore, silver is probably drafting some support from higher equity market action and from initially favorable currency market action. Silver did see evidence of slightly lower silver production from a Canadian mining concern overnight, but recently silver hasn't paid that much attention to classic supply side developments. On the other hand, silver prices recently have tracked in sync with copper and platinum prices and those markets have started out on a positive track today that should lend some spillover support to silver prices. While silver could spin weak US data into a supportive development, off the idea that weak data increases the prospects of US easing, the silver bulls probably need something positive from the US retail sales report this morning, just to maintain the positive early track. Fortunately for the bull camp, the silver market seems to be facing a modest risk-on vibe in the early Tuesday US trade action. Comex Silver Stocks were 137.511 million ounces down 8,336 ounces. Stocks have declined 15 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) Chinese shares were higher overnight, but gains seemed to come from defensive investment in stocks that are expected to perform well in slow conditions. It is also possible that Asian shares were assisted by talk of fresh easing moves from the BOJ overnight. European shares were higher overnight, as France and Germany posted data that wasn't as bad as some fears. The German market also held up despite a sharp drop in economic expectations and predictions of even more slowing ahead from the widely followed ZEW. Economic data flow from the US will become a little more active today, with a PPI report and retail sales for July due out. With a modest rise in US retail sales expected and initial action in equities carving out some upside action, there would appear to be a slight risk-on vibe to start today.