Compiled 11/22/11 6:00 AM (CT) Statistics: London Gold Fix $1,697.50 -$6.50 LME Copper Stocks 396,975 tons +1,100 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) At least to start today the gold market is encountering a partial risk on environment. In addition to slightly higher US equity market action, the gold trade is also seeing a weaker US currency and across the board gains in the metals complex. The gold market surprisingly is apparently cheered by news that some credit rating agencies won't instantly cut the US credit rating, as a result of the super committee failure. In other words, gold is giving off signs of tracking its physical commodity market fundamentals and that in turn could mean that gold prices are likely to track tightly with US equity market action today. While one can't suggest at this hour that the markets are poised to fully shift into a risk-on environment, that potential might be increased if US scheduled data flows this morning produce anything positive from the economic front. At least to start today, yields on key Euro zone debt instruments were showing only minimal increases and that means residual concern toward the Euro zone remains in place but that focus might not be totally dominating today. While the US GDP reading could be the most important release of the session, that reading is a second revision and therefore the results might not offer up a significant change. There will be a US Fed speech today and the release of the last Fed FOMC meeting minutes and therefore some gold bulls might be hopeful of some easing signals. In other potential developments, there seems to be some disagreement between the US and Russia with respect to new sanctions on Iran and that could be a double edged sword for the gold trade if dialogue between Iran, Russia and the US intensifies. Another potential influence on gold prices today could be protests in Egypt, which are taking place just ahead of scheduled elections. Comex Gold Stocks were 11.235 million ounces down 64 ounces. Stocks have declined 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia were mixed during overnight trading, stock indices in Europe are generally higher this morning. Early indications are that US equity markets will open slightly higher later on today. There was talk overnight that the Chinese might have reduced reserve requirements for 5 smaller Chinese banks and that could prompt some to suggest that China is indeed backing away from overt tight money policies. Spanish Yields did show a rise this morning, but the markets weren't especially concerned about that news. The US Dollar is weaker against most of the major currencies this morning. The second leg of the Treasury's refunding, the 5-Year Note auction, will have results announced at 12:00 PM. The Federal Reserve will release the minutes of the November 2nd FOMC meeting at 1:00 PM. Major US economic numbers to be released this morning include third quarter Gross Domestic Product at 7:30 AM, and private surveys of store sales released during the session. In addition, Fed Regional President Kocherlakota will speak during the session.