Compiled 07/28/11 6:00 AM (CT) Statistics: London Gold Fix $1,617.50 -$3.50 LME Copper Stocks 468,350 tons -1,450 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market this morning appears to be showing some technical weakness, as September silver prices were flirting with this week's lows. Silver at times yesterday appeared to be undermined by rumors of a debt deal, by strength in the dollar and perhaps at times because of weak US economic data. Some silver bulls suggest that silver isn't as dependant on a no deal outcome from the US Congress, but given the rally in silver over the last several weeks, there has to be some measure of buying the rumor in silver prices above the $40.00 level. The week's low of $39.87 in the September silver contract could be seen as a pivot point in the early action today, but until the Speaker of the House bill is accepted or rejected, it could be difficult to send silver prices consistently in one direction. More than likely, silver largely discounted or ignored news of increased silver production from a key Russian silver miner overnight. Comex Silver Stocks were 102.470 million ounces up 694,562 ounces. Silver stocks have increased 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia and Europe were generally weaker during the overnight session, early indications are that US equity markets will open slightly stronger later on this morning. The US Dollar is weaker against most of the major currencies this morning. China confirmed that they will continue to diversify their foreign exchange reserves, most of which are held in Dollar-denominated assets. Japanese Retail Sales during June were up 1.1% year-on-year, higher than expectations. German Unemployment during July was 7.0%, in-line with forecasts. Euro zone Economic Sentiment during July was 103.2, lower than projections. Major US economic numbers to be released this morning will include Weekly Jobless Claims at 7:30 AM and a private survey of US Pending Home Sales at 9:00 AM. There will also be results of the Treasury's 7-Year Note auction announced at 12:00 PM. In addition, Fed Regional President Lacker will give a speech during the session.