Compiled 06/05/12 6:00 AM (CT) Statistics: London Gold Fix $1,552.50 N.A. LME Copper Stocks 230,875 tons N.A. GOLD MARKET FUNDAMENTALS: (6:00 AM CST) Gold appears to have maintained a moderate portion of last Friday's startling rally again overnight, with players suggesting gold continues to draft some ongoing support from renewed flight to quality interest. Apparently ultra low yields on fixed income instruments and persistent declines in global equity markets has forced some players back into gold, while others are simply moving back into gold because of ideas that coordinated easing is probably in the offing. Therefore, it isn't surprising to see fresh easing hopes in the wake of an emergency G7 conference call this morning, which in turn could be expected to precede potential easing action from the ECB on Wednesday. Comments from the Spanish Treasury Minister overnight that Spain was effectively being priced out of access to credit, because of high borrowing costs, has clearly escalated the Euro debt crisis fears again overnight. In the near term, gold prices look to teeter back and forth between deflationary slowing expectations and hopes of another tranche of central bank easing. News that Euro zone May Services PMI figures declined has probably exerted a fresh downward force on gold prices but not so much that gold prices actually fell back into negative territory. In looking forward, the gold trade will be watching the gold market's reaction to the second tier US data flow from the ISM this morning, as weak US data yesterday caused a temporary swing lower in gold prices, before flight to quality/easing views resurrected the upward bias. Comex Gold Stocks were 10.995 million ounces up 16,720 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Hong Kong shares managed minor short covering gains overnight, while Shanghai equities mostly tracked sideways, as the hope for G7 easing was at least partially countervailed by news of burdensome Spanish borrowing costs. European equity markets were softer overnight, with the press in that region still touting ideas that persistent weakness in equities is a signal of a probable return to sustained negative growth in the Euro zone. However, the European markets were seeing some minimal support off hopes that an emergency G7 conference call might yield something positive, especially after news of easing from the Australian central bank was noted overnight. The US economic report slate today has an ISM-Non manufacturing report and there will be 3 Fed speeches today, the first of which is scheduled for 7:00 cst. Not surprisingly, the trade today expects the ISM figures to show a minor contraction. There will also be a series of private chain store sales figures in the early morning trade, with those measures fresh off weak figures last week.