Compiled 11/21/11 6:00 AM (CT) Statistics: London Gold Fix $1,704.00 -$26.00 LME Copper Stocks 397,000 tons -1,250 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) With the lowest trade in December gold since November 1st seen overnight, it is clear that gold and other physical commodity markets are once again fearful that global debt issues are capable of slowing the world economy. As in many physical commodity markets, gold is probably concerned that the lack of US leadership on its debt problem is set to join the European situation as a mill stone around the neck of the global economy. With a rising greenback and technical pressures adding to the gold markets troubles early this morning, the bear camp probably feels pretty confident to start. In fact, scheduled US data from the housing sector is also expected to be soft this morning and that could add to the slowing vibe that seems to be present in a host of markets. Some traders are pointing to a slide below a quasi double low on the charts from last week, as a factor prompting technical stop loss selling early this morning but at least in the early going today, the December gold contract was able to temporarily respect even number pricing of $1,700. Comex Gold Stocks were 11.235 million ounces down 193 ounces. Stocks have declined 12 of the last 20 days. The Commitments of Traders Futures and Options report as of November 15th for Gold showed Non-Commercial traders were net long 203,798 contracts, an increase of 2,818 contracts. The Commercial traders were net short 250,207 contracts, an increase of 4,351 contracts. The Non-reportable traders were net long 46,409 contracts, an increase of 1,533 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 250,207 contracts. This represents an increase of 4,351 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia and Europe were generally lower during overnight trading, 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. Spain elected a center-right coalition in yesterday's vote with the largest majority in 30 years. A major credit ratings agency said that France's credit rating could be negatively impacted by higher borrowing costs for an extended period. The Japanese Trade deficit during October was 273.8 billion Yen, a much larger deficit than expectations. Major US economic numbers to be released this morning include the Chicago Fed's National Activity Index for October at 7:30 AM, and a private survey of October Existing Home Sales at 9:00 AM. In addition, Fed Regional President Lockhart will speak during the session.