Compiled 07/09/12 6:00 AM (CT) Statistics: London Gold Fix $1,581.75 -$10.75 LME Copper Stocks 253,350 tons -1,100 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) It would appear that gold remains somewhat concerned about ongoing evidence of slowing in the wake of the softer than expected US Non farm payroll report from last Friday. It also seems as if global economic views have continued to deteriorate and that sovereign debt yields in Europe have continued to rise to unsustainable levels. Therefore, it is a little surprising to see the Euro posting positive gains early in the trade today, as a risk off vibe could have easily presented gold and other metals with a distinctly negative outside market force. On the other hand, sharp gains in grain prices have probably kept some inflation hopes alive, against the backdrop of slowing fears. With the US economic report slate today somewhat thin, it is possible that gold might be generally influenced by the unofficial kick off to the US earnings cycle late this afternoon. While the Chinese leader overnight indicated that the Chinese economy needed more assistance to foster growth, the markets initially took that news as a sign that upcoming Chinese numbers would be soft. Therefore, gold prices might remain vulnerable until the PBOC and or the US Fed are thought to be closer to taking action. In the mean time, sharply rising grain prices might be the only cushion for gold prices against a general fear of global slowing. Comex Gold Stocks were 10.811 million ounces down 65 ounces. Comex Gold Stocks are at the lowest levels since 09/20/2010. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Chinese equity markets were weaker overnight, with the market seeing fresh calls for economic support from the Chinese leader as a sign of additional weakness in coming Chinese data. In other words, the markets seemed to prefer to spin potentially favorable Chinese developments into a negative overnight. European shares were also weaker with debt concerns combining with residual global slowing fears to pressure asset prices at the start of the new trading week. The US scheduled report slate today will be mostly thin today with a Consumer Credit reading the only scheduled data point of note. Expectations do call for a modest rise in US Consumer Credit and to some that might hint at positive growth, while others might suggest that fueling the US economy on credit isn't sustainable in the long run. In the end, a number of physical commodity markets are showing gains early today despite the potential for a risk-off vibe from Treasuries, equities and the currency markets.