Compiled 02/01/12 6:00 AM (CT) Statistics: London Gold Fix $1,744.00 +$6.00 LME Copper Stocks 329,300 tons -1,525 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market starts out on a slightly positive track today in the wake of generally up beat Chinese economic data, optimism toward the Greek debt negotiations and also because of favorable currency market action. Gold is probably drafting some lift from generally strong global equity market action and perhaps gold is garnering some added lift from another extremely low auction yield in a German bond auction. In a negative development overnight, gold saw some changes in the Indian import base price of gold, which rose to $556 per 10 grams from $526 per 10 grams and that move is thought to result in a slight reduction of Indian gold imports, as that will effectively increase the cost of imported gold, with the Indian government collecting more taxes in the process. While gold hasn't paid that much attention to classic supply side developments lately, the gold market did see evidence of rising quarterly gold supply from Antofagasta. In another potentially limiting supply side story, gold also saw evidence overnight that Russian gold production in 2011 posted an annual rise of 3.6%. However, from the outside market action this morning, the bull camp probably feels like they have the initial edge, as the Greek situation has a positive spin, the Euro is higher and global equities are extending recent gains. Comex Gold Stocks were 11.494 million ounces up 1,613 ounces. Gold stocks have declined in 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian equity markets were weaker this morning, as news of a better than expected Chinese PMI result wasn't enough to lift shares in that region. However, many economists are suggesting that the Chinese PMI readings reduce the threat of a hard landing in the Chinese economy and that could be a beneficial development for physical commodity markets. European economic data was a mixed bag overnight, with German manufacturing strong and French manufacturing readings a touch weaker. However, European equities were able to extend recent gains overnight, with some positive leadership seen from Financial and bank sector issues. At least in the early action today US equities were showing positive action, but that action could be tested in the wake of a private jobs survey release from ADP. Expectations for the ADP report are for a gain markedly larger than the anticipated gains for the Friday official US number. The market will also be presented with a January ISM Manufacturing PMI and a Construction Spending reading, both of which are expected to post modest gains. Later in the US trade, perhaps around mid session, the trade will be presented with a US vehicle sales reading and that could impact market sentiment.