Compiled 01/10/12 6:00 AM (CT) Statistics: London Gold Fix $1,627.00 +$9.00 LME Copper Stocks 365,375 tons -1,525 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) Gold is making something more than a modestly higher initial bid to start the Tuesday US trade. In fact, with February gold posting gains in excess of $25 an ounce to start and US equities showing noted gains, one gets the sense that gold prices are being lifted by a return to a risk-on condition, or in other words, gold might be lifted today as a result of positive macro economic views. More than likely, gold is also drawing some support from favorable currency market action. Others suggest that gold is drafting some lift off moderately higher energy price action, which might be the result of statements made by Iranian and Venezuelan leaders overnight, or the gains in energies might simply be a reaction to international economic optimism. Gold could have been held back by news of record gold production from a Canadian gold miner overnight, but classic supply side stories are probably destined to be discounted in the action today. In fact, the gold market also looks to discount overnight reduced gold price forecasts, which were released by a bank analyst. Perhaps gold was drafting some support off news that India might be poised to allow more banks to import both gold and silver. In the wake of initial bullish action, gold might need to see a favorable US auction and perhaps mostly favorable corporate news flow just to extend the early upside breakout to the highest levels since December 21st. Comex Gold Stocks were 11.461 million ounces down 32,090 ounces. Gold stocks have declined 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Equity markets in Asia were stronger overnight and that action generally seemed to extend around the globe. In fact, European and US equity markets also look to be poised to start out on a noted positive track. The US Dollar has started out weaker against the euro, but it was showing some minor gains versus the Aussie Dollar. Overnight the markets saw the Chinese trade surplus expand, but many also think that the Chinese trade numbers will usher in further assistance from the PBOC. In looking ahead to the US trade action, the markets will only see a series of private weekly chain store sales readings and US Wholesale trade results and therefore the scheduled data front isn't expected to be that important to the metals trade today. There will be three Fed speeches around mid session today and that dialogue could impact the metals if there is more noted dovish talk from the Fed. In addition to the Fed speeches there will also be a 3 year US note auction and periodic impacts are to be expected from the start of the US corporate earnings cycle.