Compiled 09/19/11 6:00 AM (CT) Statistics: London Gold Fix $1,817.00 +$39.00 LME Copper Stocks 469,125 tons +3,100 GOLD MARKET FUNDAMENTALS: (6:00 AM CST) With talk of Greece defaulting dominating the headlines in the early Monday morning US trade, the bull camp in gold looks to start the new trading week out on a slightly positive footing. Countervailing the bullish track in gold to start the new week, are somewhat adverse currency market action and ideas that the Peoples Bank of China is set to remain in a tightening mode. Clearly the markets are primarily focused on the lack of action from the Euro zone, after an apparent fruitless weekend meeting that involved officials from both sides of the Atlantic. It is also possible that gold saw some minor buying interest from news that the rogue trader loss from last week was moderately larger than initial estimates. Some gold traders think that the US Fed will provide gold with a bit of a lift later this week, as they hint at further easing in the form of operation twist. Gold might also be garnering some additional lift from the continued political battle in the US, where the two main political parties have shown little inclination to compromise on different ideological views. Gold probably saw some support from predictions that gold prices might reach $2,200 an ounce from a major gold mining company official overnight. In short, flight to quality vibes seem to be flowing from a number of areas this morning and that environment is enhanced by the fear of additional slowing evidence from the US and global economic fronts over the weekend. The Commitments of Traders Futures and Options report as of September 13th for Gold showed Non-Commercial traders were net long 224,728 contracts, a decrease of 16,776 contracts. The Commercial traders were net short 267,621 contracts, a decrease of 18,133 contracts. The Non-reportable traders were net long 42,893 contracts, a decrease of 1,356 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 267,621 contracts. This represents a decrease of 18,132 contracts in the net long position held by these traders. Comex Gold Stocks were 11.407 million ounces up 4,325 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) 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 substantial losses later on today. The US Dollar is stronger against most of the major currencies this morning, although posting a small loss versus the Yen. EU finance ministers met in Poland over the weekend, but failed to come up with any new plan to stabilize Greece's finances. The Greek Prime Minister cancelled a visit to the US in order to have an emergency Cabinet meeting. The only major US economic numbers to be released this morning is a private survey of the US Housing.