Compiled 05/09/12 6:00 AM (CT) Statistics: London Gold Fix $1,585.50 $-41.50 LME Copper Stocks 220,925 tons -7,525 tons. GOLD MARKET FUNDAMENTALS: (6:00 AM CST) In addition to the obvious pressure from sagging global growth views, adverse currency market action and residual Euro zone debt fears, gold also appears to be under pressure from fears that Iran might be poised to sell oil for gold. However, from the last COT positioning report, gold remained vulnerable to long liquidation, as the combined Non Commercial and Non-reportable positioning as of May 1st, showed a net long of 186,000 contracts. While the press has circulated talk that some sort of official gold buyer was seen as gold prices slid down to the $1,600 level, the gold market wasn't able to check the slide in prices before the June gold contract managed another $15 break in gold prices. With an ongoing pattern of weakness in global equities, the fear of slowing global growth remains a headline fixture and that in turn has undermined gold and many physical commodity prices. With the addition of adverse currency market action, the bear camp continues to hold more cards than the bull camp. Unfortunately the near term doesn't look to offer much opportunity to alter sentiment, as the US scheduled report slate today doesn't offer up a 1st tier report that speaks directly to the strength in the US economy. In fact, many physical commodity traders and equity investors seem to be fearful of more anxiety from the Euro zone directly ahead as the trade will be watching every debt offering for signs of more trouble. Comex Gold Stocks were 11.061 million ounces up 9,600 ounces. Gold stocks have increased 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian equity markets were weaker again off lingering concerns toward Greece overnight, but Chinese shares might have seen some fresh selling off talk of a possible delay in the upcoming five-year Chinese planning meeting. Hong Kong shares actually saw their losing streak extend to a fifth straight session. European equity markets were under initial pressure again today with the German stock market managing to buck the trend with minor gains. Early action in the US equity markets showed ongoing weakness again as Euro zone fears haven't been unseated yet and the outlook for the US economy remains suspect. It's a bearish environment when both Ford and Toyota hint at production increases and that news is fully discounted.