Compiled 07/29/11 6:00 AM (CT) Statistics: London Gold Fix $1,613.75 -$3.75 LME Copper Stocks 466,550 tons -1,800 tons Shanghai Deliverable stocks were 117,067 tons +5,021 GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market generally remains in favor this morning and that is most likely the result of a "delayed vote" in the House last night on the debt ceiling impasse. With a noted investment banker/brokerage firm overnight suggesting that gold prices could mount a massive spike up move off upcoming events, the gold trade is probably on high alert into the US Friday action. While there is supposedly a US House vote scheduled for 10:00 Eastern time today, the way things are working in Washington, it would be unlikely to see a vote take place right on the scheduled time. While the gold market hasn't paid that much attention to classic physical supply side developments lately, the South African mining strikes could combine with the turmoil in the US political arena for an environment that favors the bull camp. Like other markets, gold might not pay too much attention to the scheduled data flow this morning from the US GDP report and the Chicago PMI report, as all eyes will probably remain fixed on Washington. Some traders suggest that a wave of anxiety might be factored into gold prices if and when it becomes clear that no deal is likely before today's US market closures. The bulls will be emboldened if the talks break down again, but they might also have to be concerned about a weekend deal and an adverse reaction next Monday. Other sideline stories today in gold are seen from news that China granted a large bank access to the Chinese gold market and that could be seen as a long term demand positive development. Comex Gold Stocks were 11.432 million ounces down 32. Stocks have declined 11 of the last 20 days. Comex Gold stocks are at the lowest in the past 10 readings. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia and Europe were generally weaker during the overnight session, early indications are that US equity markets will open with moderate losses later on this morning. The US Dollar is stronger against most of the major currencies this morning, although posting a loss versus the Yen. House Republicans were unable to bring a debt ceiling bill to a vote last night. A major credit ratings agency has warned that Spain may receive a downgrade of their sovereign debt. Japanese core CPI during June was up 0.4% year-on-year, in-line with forecasts. Japanese Unemployment during June was 4.6%, higher than projections. Japanese Industrial Production during June was up 3.9%, lower than forecasts. German Retail Sales during June were up 6.3%, well above expectations. A private survey of UK Consumer Confidence during July was -30, weaker than expectations. Major US economic numbers to be released this morning will include second quarter Gross Domestic Product at 7:30 AM, a private survey of Purchasing Managers in the Chicago area at 8:45 AM, and a private survey of US Consumer Sentiment just before 9:00 AM. In addition, Fed Regional Presidents Lockhart and Bullard will participate in a panel discussion during the session.