Compiled 08/01/11 6:00 AM (CT) Statistics: London Gold Fix $1,613.50 -$.25 LME Copper Stocks 466,025 tons -525 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The silver market is under some pressure this morning, but initially the "deal" hasn't pulled the rug out from under the bull camp. In fact, September silver seems to have respected a quasi consolidation low zone from last week's lows around $39.30 in the early going today. Apparently the "deal" hasn't fully eliminated concern toward the US debt problem and the US Dollar is weaker and silver is seemingly attempting to garner some support from classic physical commodity market action. Some traders are suggesting that silver gained only marginally over the last two weeks, off the lack of a deal and therefore seeing a deal, hasn't been a major market event for silver. Many traders are suggesting the lack of aggressive spending cuts and the two step nature of the deal have served to leave a measure of uncertainty in place and that in some way might be supporting silver and gold prices this morning. Since silver has mostly tracked with gold, instead of platinum and copper prices, the silver market might be set to slide early today, before the market adopts a new trading focus. With a flurry of soft economic readings overnight from China and the Euro zone and the US economic report slate possibly getting some press coverage later this morning, it is possible that silver could take some direction from its classic commodity market fundamentals. Comex Silver Stocks were 104.176 million ounces up 1,191,683 ounces. Stocks have increased 12 of the last 20 days. Comex Silver stocks are at their highest levels in the past 10. The Commitments of Traders Futures and Options report as of July 26th for Silver showed Non-Commercial traders were net long 31,867 contracts, an increase of 2,942 contracts. The Commercial traders were net short 52,588 contracts, an increase of 3,600 contracts. The Non-reportable traders were net long 20,720 contracts, an increase of 657 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 52,587 contracts. This represents an increase of 3,599 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia and Europe were generally stronger during the overnight session, early indications are that US equity markets will open with substantial gains later on this morning. The US Dollar is weaker against most of the major currencies this morning, although posting gains versus the Yen and Swiss Franc. Both houses of Congress are scheduled to vote today on an agreement to raise the US debt ceiling that was finalized over the weekend. The official Chinese Purchasing Managers Index was 50.7, higher than expectations but those readings showed some of the weakest readings in 28 months. A private survey of German manufacturing during July was 52.0, slightly below projections. Euro zone Unemployment during June was 9.9%, in line with forecasts. Major US economic numbers to be released this morning include the Chicago Fed's National Activity index at 7:30 AM, and June Construction Spending along with a private survey of US manufacturing during July at 9:00 AM.