Compiled 12/12/11 6:00 AM (CT) Statistics: London Gold Fix $1,680.00 -$32.00 LME Copper Stocks 385,575 tons -500 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market has started out with a noted range down extension and in the process the February gold contract has reached down to the lowest level since November 25th. Clearly statements from German officials and from ratings agency Moody's overnight have rekindled the Euro zone crisis again and it would seem like the EU summit solution was very short lived. Suggestions from a key German government official that the EU maneuver last Friday might not be legal, clearly tamps down the hope that seemed to be in place at the end of last week. With the equity markets starting off on a weaker footing, Italian yields on the rise and at least one key ratings agency promising to revisit sovereign debt ratings as early as the 1st quarter of 2012, the Euro zone focus isn't likely to be diminished very soon. While some gold bulls might look forward to this week's US FOMC meeting, many economists and analysts don't expect the US Fed to make any additional moves in the wake of the improvement in US claims and especially in the wake of last month's surprise US unemployment rate decline. If the focus wasn't locked onto Europe this morning, gold might have garnered some support from news of record Chinese mainland gold imports from Hong Kong in October. At least in the near term, classic physical demand and supply news might be discounted, as the gold trade remains infatuated with all things Euro. Given the magnitude of the initial slide this morning in February gold, it is also possible that technical stop loss selling was accentuating the initial downward bias. The Commitments of Traders Futures and Options report as of December 6th for Gold showed Non-Commercial traders were net long 182,467 contracts, an increase of 8,139 contracts. The Commercial traders were net short 225,886 contracts, an increase of 11,478 contracts. The Non-reportable traders were net long 43,419 contracts, an increase of 3,339 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 225,886 contracts. This represents an increase of 11,478 contracts in the net long position held by these traders. Comex Gold Stocks were 11.302 million ounces up 3,280 ounces. Comex Gold stocks are at their highest levels in the past 10. 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 the US markets will open with moderate losses later on today. The US Dollar is stronger against most of the major currencies this morning. A major credit ratings agency said that they will review all nations within the EU during the first quarter of 2012. Japanese Wholesale Prices were up 1.7% year-on-year, higher than expectations. The first leg of the Treasury's refunding, the 3-year Note auction, will have results announced today at 12:00 PM. There are no major US economic numbers to be released this morning.