Compiled 05/22/12 6:00 AM (CT) Statistics: London Gold Fix $1,575.75 $-14.50 LME Copper Stocks 223,975 tons -400 tons. GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market is starting the Tuesday session under some fresh pressure. With the Monday trade ushering in the first losing session after two rather significant daily gains, the bull camp in gold has to be somewhat discouraged. With global economic sentiment seemingly improved, as a result of a subtle shift toward growth orientated policies, one might have expected gold and other physical commodities to have been cheered more significantly. Apparently the gold trade needs to see actual stimulus from the US, UK or Chinese just to throw off the downward bias that has generally dominated gold and many commodity prices for the last 4 months. Not surprisingly, gold wasn't even cushioned by an overnight story that scrap gold sales in Indian spiked up, perhaps because the value of the Rupee and high domestic gold prices have apparently shifted Indian gold buyers away from imported gold and toward scarp gold supplies. In the end, the gold market needs to see evidence of an overall recovery of Indian gold demand and not simply a shift in demand from one supply source of gold to another. For the time being, gold also seems to need actual central bank stimulus, positive Euro zone developments, Chinese easing and consistently supportive currency market action just to temper the bearish vibe that has dominated gold prices since the late February high. Comex Gold Stocks were 11.002 million ounces up 225 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Hong Kong shares finally managed a small rise last night and in the process that market broke a long chain of daily losses. Even the Japanese Nikkei managed a recovery last night and the slightly improved global economic tone today might be the result of more talk of a shift away from strict austerity measures and toward more growth orientated policies. In fact, many equities markets have continued to draw some lift from recent hints that the Chinese government was poised to increase infrastructure spending, as a way to cushion the Chinese economy against further slowing. European equity markets were also showing some recovery action today ahead of the EU summit, which could further the concept of growth over austerity. With Italian and Spanish debt yields slightly lower overnight and an EU payment to Greek banks expected at the end of the week, the markets are seeing a minimal improvement in macro economic psychology. The US economic report slate today presents existing home sales, a Richmond Fed manufacturing report, a US Treasury auction and an early US Fed speech.