Compiled 06/25/12 6:00 AM (CT) Statistics: London Gold Fix $1,569.00 -$11.50 LME Copper Stocks 253,200 tons +225 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) While gold has started out slightly positive today, some traders suggest that the upside action today is mostly technical short covering from the massive $76 an ounce high to low slide last week. Given the noted weakness in Asian stocks and a lack of optimism toward the coming EU summit that in turn could make the US scheduled data flows this morning even more critical. The bull camp might suggest that weak scheduled US data will have the capacity to lift gold prices off renewed US easing hopes, while the bear camp could easily tout a return of deflationary conditions in the wake of patently weak US scheduled data. While the EU might not appear to have the momentum or the economic pressure to implement a TARP like program in the coming meeting, it is possible that the ECB might be forced to reduce rates in an effort to cushion the EU against lingering Spanish bank problems. With the world and Indian investors generally disappointed with recent Indian government actions to cushion their economy, the fear of slowing seems to have become a near term fixture throughout Asian markets. The Commitments of Traders Futures and Options report as of June 19th for Gold showed Non-Commercial traders were net long 138,011 contracts, an increase of 5,089 contracts. The Commercial traders were net short 166,789 contracts, an increase of 5,607 contracts. The Non-reportable traders were net long 28,778 contracts, an increase of 519 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 166,789 contracts. This represents an increase of 5,608 contracts in the net long position held by these traders. Comex Gold Stocks were 11.064 million ounces down 547 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Chinese equities were weaker overnight with some measures posting the biggest declines of the last month. European equities were also weaker this morning, with investors apparently not anticipating anything constructive or definitive from the coming EU summit. The US scheduled report slate today contains a Chicago Fed National Activity Index, New Home sales and a Texas manufacturing survey, with the new home sales release potentially the most significant US report due out today. At least in the early action it would appear that risk-off sentiment has started the week with an edge over the risk-on crowd.