Compiled 06/11/12 6:00 AM (CT) Statistics: London Gold Fix $1,593.00 +$17.00 LME Copper Stocks 235,200 tons +5,525 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) Apparently the gold market is getting some minor lift from a slight improvement in global economic sentiment, which in turn was probably the result of fresh Spanish bank aid from over the weekend. However, seeing a minor jump in some Chinese loan activity and export data probably reverses some of the overly bearish macro economic views that were building toward China at the end of last week. Surprisingly, the markets also seem to have retained hopes for more US quantitative easing ahead, perhaps because many players still think the US Fed fears some type of serious knock on slowing event from the troubles in Europe. In the mean time, supportive currency market action, gains in US equities and a lack of key scheduled US data for the first two days of this week, might allow for a choppy two sided trade. Already this morning, August gold has seen a setback from the overnight high of roughly $18 an ounce. Comex Gold Stocks were 11.008 million ounces down 32 ounces at the end of last week. The Commitments of Traders Futures and Options report as of June 5th for Gold showed Non-Commercial traders were net long 129,423 contracts, an increase of 27,957 contracts. The Commercial traders were net short 158,367 contracts, an increase of 34,328 contracts. The Non-reportable traders were net long 28,945 contracts, an increase of 6,372 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 158,368 contracts. This represents an increase of 34,329 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Chinese stocks were stronger overnight, as the Chinese data not as bad as was expected at the end of last week and the news of Spanish Bank aid has seemingly tempered global debt tensions. European equities were cheered by news of the Spanish bank aid move but some focus in the region is likely to begin shifting toward this weekend's Greek elections. Given a slight expansion of loan activity in China, decent export data, sharply higher Spanish bank share price action and positive initial US equity market action, there would appear to be a modest risk on vibe in place to start the new trading week. The US report slate is mostly empty today, with a San Francisco Fed Conference on Asian banking and Finance the only scheduled event on the docket today.