Compiled 05/02/11 6:00 AM ( CT ) Statistics: London Gold Fix $1531.00 NA LME Copper Stocks 463,650 tons NA SILVER MARKET FUNDAMENTALS: (6:00 AM CT) The July silver contract overnight saw a very significant initial trading range of almost $6.00 an ounce. While the Dollar was showing some signs of strength, the brunt of the liquidation pressure in silver seems to have come from the news of the death of Osama bin Laden. It is also possible that the silver market was partially undermined by last week's two sided volatility and to a lesser degree by the rise in silver futures margins. Others are suggesting that silver was the leadership market in the precious metals complex for most of April and the events over the weekend have prompted the complex leader to suffer the largest corrective setback. It is possible that silver is taking a hit from talk that Indian silver demand is expected to decline somewhat because of ultra high silver prices. Comex Silver Stocks were 101.932 million ounces down 121,147 ounces. Stocks have declined 16 of the last 20 days. The Commitments of Traders Futures and Options report as of April 26th for Silver showed Non-Commercial traders were net long 30,736 contracts, a decrease of 10,697 contracts. The Commercial traders were net short 49,726 contracts, a decrease of 10,893 contracts. The Non-reportable traders were net long 18,989 contracts, a decrease of 197 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 49,725 contracts. This represents a decrease of 10,894 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CT) While equity markets in Asia were mixed during overnight trading, stock indices in Europe are generally stronger this morning. Early indications are for US equity markets to open today's session with sizable gains. The Dollar is stronger against most of the major currencies during overnight trading. Osama bin Laden was shot and killed by US Special Forces in Pakistan. The Greek Finance Minister stated that the IMF and the EU should give his nation more time to pay back their debt bailout loans. The Japanese parliament passed a special budget for earthquake and tsunami relief. A private survey of Euro zone manufacturing during April was 58.0, higher than expectations. A private survey of German Manufacturing during April was at 62.0, higher than expectations. Major US economic numbers to be released this morning include March Construction Spending as well as a private survey of US Manufacturing at 9:00 AM.