Compiled 11/14/11 6:00 AM (CT) Statistics: London Gold Fix $1,780.50 +16.50 LME Copper Stocks 405,400 tons -2,300 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market seems to have started out on a weaker track this morning, even though the December gold market initially managed a higher high move. While some media outlets were touting a return to risk on conditions, in the wake of an acceptable Italian auction earlier this morning, there aren't too many markets buying into that track of thinking in the early US Monday trade. In fact, equities were unable to claw back into positive ground, US Treasuries were holding higher and the dollar was stronger. In other words, there was hope that changes in Italy might create some optimism today, but instead the markets don't seem to be willing to tamp down their anxiety. Despite a bullish gold opinion released from a major investment banker overnight, gold seems to be tracking lower this morning. From current price levels, private forecasts for gold released overnight suggested that gold could rally as much as $150 an ounce in the coming 12 months. All things considered, gold doesn't seem to be benefiting from flight to quality conditions at the start of the new trading week. Comex Gold Stocks were 11.237 million ounces up 13,792 ounces. Gold stocks have declined in 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia were generally higher during overnight trading, stock indices in Europe are mixed this morning. Early indications are that US equity markets will open close to unchanged levels later on today. The US Dollar is moderately higher against most of the major currencies this morning, although posting a loss versus the Yen. Italian Prime Minister Berlusconi resigned after the approval of new austerity measures, with the new government to be headed by Mario Monti. An official agency has projected Chinese inflation to fall below the 5% annual rate by the end of this year. Japanese GDP during the third quarter was up 1.5%, in line with market forecasts. Euro zone Industrial Production during September was down -2.0%, slightly better than expectations. There are no major US economic numbers to be released this morning.