Compiled 05/08/12 6:00 AM (CT) Statistics: London Gold Fix $1,627.00 -$2.00 LME Copper Stocks 228,450 tons -2,175 tons. GOLD MARKET FUNDAMENTALS: (6:00 AM CST) With another new low for the move overnight, weak global equity markets and adverse currency market action, it would seem like gold is facing almost the same overall environment as was seen on Monday morning. While the focus yesterday was on the potential for EU political and economic turmoil from the change in French leadership, the focus today appears to have shifted to concerns of political and economic turmoil from the change in leadership in Greece. Given all the turmoil and uncertainty in the Euro zone, flight to quality money is still flowing toward the Greenback and the Yen and that action has contributed to the weakness in gold prices so far this week. It is also likely that last Friday's US payroll results are also contributing to the bear case in gold as the fear of slowing remains a fixture in the marketplace. A sharp jump in US Consumer credit figures yesterday afternoon has also fostered concerns of further slowing in the US as it would seem like US consumers are relying on credit and not income for a large portion of their spending. In fact, US Consumer Credit vaulted higher and in the process the March tally expanded at the fastest rate in over 10 years! With little in the way of scheduled US economic data today and a weaker equity market track, gold is likely to remain under pressure, as it tracks classic physical commodity market fundamentals. European gold traders continue to lament the lack of lift in gold prices off potentially beneficial changes to Indian import rules, but an improvement in Indian gold demand is probably being largely offset by fears of sagging global investment demand for gold. With an empty US report slate today, gold is likely to see some impact from two Fed speeches scheduled for this morning. Comex Gold Stocks were unchanged at 11.051 million ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Chinese equity markets were weaker off lingering concerns toward their property and development sectors. The Nikkei managed to recover from a 3 month low, but investors and traders there are still worried about the potential negative impacts from the latest developments in the Euro zone. European equity markets were also under initial pressure again today, as trade fears have now turned back toward Greece and away from France. Early action in the US equity markets showed noted weakness again as the fear of global slowing and the potential knock-on impacts from the Euro zone remain on the front burner.