Compiled 04/17/12 6:00 AM (CT) Statistics: London Gold Fix $1,652.00 +$3.75 LME Copper Stocks 261,075 tons -625 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) June gold continues to struggle to hold above $1,650 this morning on the charts and some bulls might be a little discouraged by the lack of definitive upside action in the face of higher equities and supportive currency market action. Apparently anxiety toward Spanish debt is in check this morning, but traders are still fearful of demand toward longer maturity issues from that country directly ahead. In the short term, global macro economic sentiment seems to have improved slightly, as sentiment for US corporate earnings is providing some confidence. Unfortunately, the gold market was presented with more news of rising gold production as Polyus Gold reported a 27% jump in its 1st quarter refined gold production. Another element that could serve to hold gold prices down, are residual concerns of slack demand from India into a key festival date ahead, as Indian gold buyers are still somewhat concerned about the economic outlook and they are also somewhat put off by prices. With a key Indian festival on April 24th, there might be some expectations of improving demand in the coming sessions, but long term investors in gold should monitor Indian gold activity in the coming days for a sign of things to come! It is also possible that a recent import flap in India and strike by Indian jewelers has prompted some gold investors to back away from gold as an investment. At least in the early action today, gold could be in a position to temporarily benefit from outside market conditions, especially if some big name US stocks manage to post decent earnings news later today. Comex Gold Stocks were unchanged at 10.993 million ounces. Gold stocks have declined in 13 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian equity markets remained weak overnight, with Chinese stocks down from residual weakness in industrial material shares and from lower financial stock price action. European markets were higher to start on bargain hunting and optimism toward US earnings. Early in the US Tuesday trading session, US share prices were higher, with the markets looking ahead to Goldman and Coke earnings later today. The US economic report slate today will present US Housing Starts and Permits, which are expected to be mixed and there will also be Industrial Production/capacity Utilization figures, which are also expected to be around unchanged levels. At least in the early going, concern toward Spanish debt was somewhat tamped down, as a T-Bill auction in Spain was judged to be sufficiently received.