Compiled 06/19/12 6:00 AM (CT) Statistics: London Gold Fix $1,628.50 +$5.00 LME Copper Stocks 251,675 tons +2,550 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market continues to grind out minimal gains on the charts, as political uncertainty in Europe, slackening growth throughout the world and mounting pressure for action from the US Fed, seems to have left the bull camp with an ongoing edge in the early Tuesday US trade action. However, overnight the gold market could have been held back by reports of increased scrap gold sales in Asia Which was largely thought to be the result of attractive pricing. In fact, rising gold prices into the monsoon season in India, combined with a lack of easing action from the Indian central bank recently, might be seen as a slight negative from the gold demand front. With the FOMC decision not expected until early Wednesday afternoon, the gold market will probably take some direction from US housing starts and permits figures which are expected to be marginally higher later on this morning. Events in Greece might even be considered supportive of gold prices, as reports overnight suggest that the newly elected officials might be poised to form a government. While flight to quality bulls will be disappointed with progress on the Greece political front, some traders think many central bankers wanted to wait until the Greece situation had more definition or stability before they fired their precious easing bullets at the forces holding back global activity. A slight influx of capital into gold derivative shares this week is another potential positive for gold prices today and that is thought to be the result of the lengthening series of daily gains in gold prices. Comex Gold Stocks were 11.060 million ounces down 64 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian stocks were weaker overnight and that action was seen well in advance of a discouraging economic survey from Germany that applied fresh pressure to European equities. European equities did fall off the softer than expected German ZEW readings released this morning, but the markets in Europe were already a bit soft because of rising borrowing costs for various EU trouble spot countries. Somewhat surprising is the fact that US stocks were holding in positive ground into the German ZEW results and they showed very little reaction to the weak data. Apparently the US markets are beginning to look forward to the FOMC meeting results on Wednesday afternoon, which many think will bring on an extension of the operation twist program. Therefore the markets will take a long look at US housing starts and permits data, which are expected to come in minimally higher and for some,that might temper the prospect of definitive US Fed action on Wednesday.