Compiled 05/17/12 6:00 AM (CT) Statistics: London Gold Fix $1,547.00 $+9.50 LME Copper Stocks 217,450 tons +2,100 tons. GOLD MARKET FUNDAMENTALS: (6:00 AM CST) June gold prices have managed to claw back above the prior session's high in the overnight action and that is probably the result of a minor stimulus move in China and perhaps some of the gains this morning are the result of relief that the Spanish auctions went off with only marginally higher yields. It almost seems as if gold and other physical commodity markets were cheered by a strong bid to cover reading for the Spanish debt auctions, while others suggest that the Fed meeting minutes yesterday afternoon left the potential for additional US easing in place. It is also possible that June gold was simply technically oversold and in need of a corrective bounce, but it could take a sweep of positive US scheduled data this morning just to keep a minimally positive macro economic tilt in place. An issue that could undermine overnight support for gold is the news that the trading loss at JP Morgan was rising! All things considered, it would seem like anxiety toward the Euro zone has died down somewhat but in reality the situation in Greece remains very fluid and the gold bulls have to hope for ongoing calm into the European equity market close. With gold seemingly bouncing yesterday, in the face of better than expected US Industrial production/Capacity Utilization data, that would seem to suggest that the bulls will need positive data this morning and not talk of easing to attempt to sustain June gold pricing above the $1,550 level on the charts. While gold saw a bullish price forecast from a gold mining executive overnight that potential support was countervailed by a US investment bank analyst reduction in the price targeting of African Barrick. Comex Gold Stocks were 11.000 million ounces up 28,231 ounces. Stocks have increased 11 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While mainland China investors overnight were partially cheered by a Chinese attempt to stimulate domestic consumption through subsidies for energy saving appliances, Hong Kong shares actually remained off balance because of residual fears flowing from the Euro zone. European equity markets were weaker to start today, as increased yields for Spanish debt rose and that kept anxiety up on Euro zone debt issues. Early action in the US equity markets were hinting at the potential for a positive US opening as some investors were comforted by a positive spin from the latest US Fed dialogue. However, the US economic condition was slightly improved yesterday by scheduled data flows and with general expectations for a decline in claims and minimal gains in US Leaders and the Philly Fed survey later this morning there could be less US slowing fears in the trade today.