Compiled 05/07/12 6:00 AM (CT) Statistics: London Gold Fix $1,629.50 N.A. LME Copper Stocks 230,625 tons N.A. GOLD MARKET FUNDAMENTALS: (6:00 AM CST) Noted losses in the Euro currency, ongoing fears of global slowing and markedly weak global equity market action has prompted gold to start out on a weaker footing today. Clearly last Friday's slower than expected US payroll numbers have contributed to the downward path in gold prices as the trade hasn't been able to foster widespread expectations of quick action from the US Fed as a result of the weak payrolls. While Indian gold import dialogue overnight was partially up beat, the gold trade wasn't able to shift into a definitively upbeat posture, because demand projections from India merely seemed to be suggesting that Indian gold imports might be able to recover to year ago levels in the wake of favorable summer weather and the removal of an Indian excise tax. With oil prices from last week's highs already down $11 a barrel and a host of physical commodity prices remaining under noted pressure, it is somewhat surprising that June gold has been able to avoid a sharply lower trade this morning. Comex Gold Stocks were 11.051 million ounces up 3,290 ounces. Stocks have increased 11 of the last 20 days. Comex Gold stocks are at their highest levels in the past 10. The Commitments of Traders Futures and Options report as of May 1st for Gold showed Non-Commercial traders were net long 147,375 contracts, an increase of 7,926 contracts. The Commercial traders were net short 186,849 contracts, an increase of 12,995 contracts. The Non-reportable traders were net long 39,473 contracts, an increase of 5,068 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 186,848 contracts. This represents an increase of 12,994 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian equity markets were weaker off the French and Greek election results, with the Hong Kong market forging one of the steepest losses of 2012. The Nikkei was also sharply lower to start the new trading week as investors there worried about further slowing in the US and Euro zone. European equity markets were also weaker to start today, as the trade fears another change in the dynamic of an already fragile Euro zone leadership. Early action in the US equity markets was also sharply lower, with most of the losses seen shortly after the election results in France were known on Sunday.