Compiled 11/15/11 6:00 AM (CT) Statistics: London Gold Fix $1,765.00 -15.50 LME Copper Stocks 403,300 tons -2,100 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) At least to start this morning, December gold appears to be starting off on a weaker footing. In addition to a stronger dollar and weaker equities, gold might be seeing some spillover pressure from weakness in a host of physical commodity markets. Apparently the gold market wasn't able to benefit from favorable Chinese demand news that was floated in the headlines overnight and that suggests the gold trade is heavily focused on the threat of slowing from the European situation. However, gold might have been partially undermined by news that a noted fund manager had liquidated a portion of his long gold positions. At least to start today, the gold market looks to track its physical commodity market factors and that seems to have given the bear camp an edge at the start of the Tuesday US trade. It is possible that gold could garner some support from hopes of easing from the Fed, but only if today's PPI readings are under control, but that type of news could also be a doubled edged sword, if the trade translates soft inflation readings with a return to recessionary type conditions. Comex Gold Stocks were 11.233 million ounces down 3,355 ounces. Stocks have declined 12 of the last 20 days. The Commitments of Traders Futures and Options report as of November 8th for Gold showed Non-Commercial traders were net long 200,980 contracts, an increase of 22,924 contracts. The Commercial traders were net short 245,856 contracts, an increase of 23,502 contracts. The Non-reportable traders were net long 44,876 contracts, an increase of 579 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 245,856 contracts. This represents an increase of 23,503 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia and Europe are generally lower during overnight trading, early indications are that US equity markets will open with moderate losses later on today. The US Dollar is stronger against most of the major currencies this morning, although posting a loss versus the Yen. German GDP during the third quarter was up 2.5% year-on-year, in-line with forecasts. UK CPI during October was up 5.0% year-on-year, lower than expectations. A private survey of German economic sentiment during November was -55.2, weaker than forecasts. Euro zone GDP during the third quarter was up 1.4% year-on-year, in-line with estimates. Major US economic numbers to be released this morning include the October Producer Price Index, October Retail Sales, and the New York Fed's Empire State manufacturing survey at 7;30 AM, September Business Inventories at 9:00 AM, and private surveys of store sales will also be released during the session. In addition, Fed Regional Presidents Bullard, Evans, Williams, and Fisher will speak during the session.