Compiled 06/13/12 6:00 AM (CT) Statistics: London Gold Fix $1,612.75 +$23.50 LME Copper Stocks 243,425 tons +3,875 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) While August gold was able to post some minimally positive action in the early going today, prices have generally held just below the prior day's high and just below the prior day's closing levels. Gold prices could have been lifted by news of increased Kazakhstan central bank gold purchases, especially as that news was accompanied by confirmation that the central bank had also upped its gold reserve holding target to 20% from a prior holding level around 15%. Tempering the Kazakhstan central bank news was news of an increase in January through May gold output from Kazakhstan overnight. Gold at times this week has displayed classic flight to quality action, but at times it has also been clear that fears of more global slowing have served to tug prices downward on the charts. While some traders are convinced that gold is shifting into a safe haven mode, in the lead up to the very important political junction this weekend in Greece, others think the upward bias in gold prices off the turmoil in the Euro zone, is the result of rising QE prospects which in turn arise from the potential for a material change in the composition of the EU. Another issue that might increase safe haven interest and boost QE hopes in the gold trade, was another rise in Italian borrowing costs overnight. In looking ahead to the US action today, the gold market is expected to be presented with evidence of US slowing from the scheduled report front and while that news could initially pressure gold and physical commodity markets, that news could also increase easing hopes. Comex Gold Stocks were 11.076 million ounces up 68,131 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Chinese stocks were generally higher overnight, led in part by gains in Chinese insurance company shares but Chinese investors were reportedly hesitant to embrace the bull case in stocks because of upcoming Euro zone events. European equities were also weak early today, as the trade was presented with the weakest Euro zone industrial output reading in 2 1/2 years overnight and it goes without saying that tensions are on the rise into this weekend's Greek election. Early US equity market action showed some weakness but the initial action wasn't overly definitive. US scheduled data flows this morning include PPI and retail sales figures, both of which are expected to depict slowing in the US economy.