Compiled 08/16/11 6:00 AM (CT) Statistics: London Gold Fix $1,739.00 +$41.00 LME Copper Stocks 465,275 tons +4,675 tons SILVER MARKET FUNDAMENTALS: (6:00 AM CT) At least to start today the silver market seems to be underperforming the gold market. Silver traders continue to be a little concerned that slowing of the US economy will hold back silver prices, but the strong gold bid this morning does seem to have pulled up silver and the meeting results from the German/French leaders today could be seen as a key junction. It also seems as if weaker global equities and weaker industrial commodity price action is serving to hold back silver prices. Silver still seems to be tethered to gold and the gold trade seems to be poised to respond aggressively if something new isn't offered up for the EFSF today. While some markets wanted to see a Euro bond offering to shore up finances in the EU, an expansion of the EFSF might be just enough to temper a risk off environment that would increase interest in silver and gold and other safe haven instruments. Because silver appears to be somewhat impacted by signs of slower growth and or weaker equities, the US scheduled data will be an impact on silver prices later in the US trading session. Comex Silver Stocks were 106.293 million ounces up 594,034 ounces. Comex Silver Stocks are at the highest levels since 01/05/2011. Stocks have increased 14 of the last 20 days. Comex Silver stocks are at their highest levels in the past 10. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were mixed during overnight trading, stock indices in Europe are generally weaker this morning. Early indications are that US equity markets will open with moderate losses later on today. The US Dollar is stronger against most major currencies this morning, although posting a loss versus the Swiss Franc. German Chancellor Merkel and French President Sarkozy are having a summit meeting in Paris today to discuss methods to support the Euro zone during the current debt crisis. An official Chinese paper has called for that nation to widen their trading bands for the Yuan versus the Dollar. German GDP during the second quarter was up 0.1%, much lower than expected. UK CPI during July was up 4.4% year-on-year, higher than forecasts. Euro zone GDP during the second quarter was up 0.2%, lower than expectations. Major US economic numbers to be released this morning include July Housing Starts along with July Import & Export prices at 7:30 AM, July Industrial Production and Capacity Utilization at 8:15 AM, and private surveys of store sales released during the session.