Compiled 12/13/11 6:00 AM (CT) Statistics: London Gold Fix $1,665.00 -$15.00 LME Copper Stocks 383,025 tons -2,550 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) While February gold was able to reject a slide into new lows for the move overnight, the gold market remains well below the Monday high. Gold seems to have garnered some support from hope that the German economy will eventually be able to stand up to the knock on influences of the EU debt crisis. However, a portion of the gold trade doubts that Europe or Germany will be able to avoid a recession and therefore interest in the long side of gold is somewhat limited to start the Tuesday US trade action. Gold might also be drawing some support from hope of a favorable US retail sales result later today and the gold market might also be garnering some support because of strong demand for a Spanish debt auction overnight. Since the bull camp has been able to grasp at straws overnight, it is also possible that some shorts in gold were covering positions ahead of the US FOMC meeting later today. On the other hand, the press was carrying somewhat bearish gold market views from a noted commodity analyst and that could dampen the short covering interest in gold early today. In conclusion, the gold bulls seem to need positive equity market action and optimism toward the Euro zone just to pause a selling trend that has mostly dominated the prior three trading sessions. While gold hasn't paid that much attention to classic supply side developments lately, some gold players might see the projected rise in Australian gold exports for 2011-2012 overnight as a slight negative. Comex Gold Stocks were 11.294 million ounces down 8,091 ounces. Stocks have declined 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia were generally lower during overnight trading, stock indices in Europe are generally stronger this morning. Early indications are that the US markets will open with moderate gains later on today. The US Dollar is near unchanged levels against most of the major currencies this morning. UK CPI during November was up 4.8% year-on-year, in-line with forecasts. A private survey of German economic sentiment during December was at -53.8, higher than expectations. The Federal Reserve's Open Market Committee will announce any changes to US monetary policy at 1:15 PM. The second leg of the Treasury's refunding, the 10-year Note auction, will have results announced today at 12:00 PM. Major US economic numbers to be released this morning include November Business Inventories and retail sales at 7:30 AM, October Business Inventories at 9:00 AM, and weekly private surveys of store sales released during the session.