Compiled 02/13/12 6:00 AM (CT) Statistics: London Gold Fix $1,727.00 +$11.50 LME Copper Stocks 313,500 tons +750 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) Apparently the gold market has embraced the Greek parliaments approval of the latest EU austerity plan but severe violence in Athens clearly took away some of the upside potential for gold. Some traders think the trade might shift some of its focus away from the European situation later this week, to perhaps the pace of the US or Chinese economies. Therefore, scheduled data flow from the US later this week, might at least temporarily capture the attention of the gold trade. Gold might have garnered some support from a 60 Minutes story last night that centered on Indian gold demand, but region demand changes will probably continue to take a back seat to the ebb and flow of big picture global issues. At least to start today, the gold market seems to be standing up to the recent long profit taking bias and that is probably largely the result of higher equities, a stronger Euro and initial strength in energies. Comex Gold Stocks were 11.430 million ounces down 1 ounce. Stocks have declined 12 of the last 20 days. The Commitments of Traders Futures and Options report as of February 7th for Gold showed Non-Commercial traders were net long 195,691 contracts, an increase of 7,504 contracts. The Commercial traders were net short 240,617 contracts, an increase of 12,539 contracts. The Non-reportable traders were net long 44,925 contracts, an increase of 5,033 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 240,616 contracts. This represents an increase of 12,537 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian equity markets were higher overnight in the face of fresh Euro zone hopes but the Shanghai and New Zealand markets bucked the positive trend. European equity markets were also positive, with a slight decline in Italian yields adding into the modestly upbeat environment. Early US stock market action was also positive, with the markets potentially catching an added technical bid because of the sharp down action seen at the end of last week. In the US trade today the markets won't see any key scheduled US data flows but the US Administration is expected to release its 2013 Budget and that could cause a noted reaction in an election year. From the overnight news wire, the Japanese released a GDP report that generally showed an ongoing contraction but there were some signs of life in Japanese domestic demand within that report.