Compiled 02/23/11 6:00 AM (CT) Statistics: London Gold Fix $1385.50 +$8.50 LME Copper Stocks 411,750 tons -50 GOLD MARKET FUNDAMENTALS: (6:00 AM CST) April gold traded either side of unchanged overnight, staying inside of yesterday's wide range. The market consolidated after the big gains of yesterday. No doubt some profit taking took hold after gold traded to its highest levels since January 3rd off of the unrest in Libya. Gaddafi's hold on the country is slipping, but he remains defiant. The eastern portion of the country is essentially out of his hands, and many members of the government have resigned. He still appears to be holding onto power in the western part of the country, and this has traders wondering if there will be a quick turnover similar to what happened in Tunisia and Egypt or if the situation will drag on. Unrest also continues in Bahrain and Yemen. This biggest concern is whether this unrest will spread to more stable nations like Saudi Arabia, and some traders are suggesting that Bahrain is the lynchpin in all of this. Events in the Middle East and North Africa (MENA) have generated a large amount of safe-haven support for gold, and heavy losses from global equity markets and other commodity markets added further strength to this rally. The fact that neither the Dollar nor the Yen was able to sustain a flight to quality was also seen as a positive factor for the gold market. There was a report overnight that China's consumer demand will soon outstrip India's. This would make them the largest consumer in the world. Comex Gold Stocks were 11.144 million ounces down 62,160 and are at their lowest in the past 10 readings. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia were mixed during overnight trading, stock indices in Europe are generally weaker this morning. Early indications are for the US stock market to open with moderate gains. The Dollar was moderately weaker against most of the major currencies during overnight trading, although it posted small gains against the Yen and the Swiss Franc. Muammar Gaddafi called on his supporters to rise up and crush a developing revolt in Libya. The release of the meeting minutes from the last Bank of England monetary policy meeting saw more support for a hike in UK interest rates. The Japanese trade deficit during January was 471 billion Yen, much larger than projected. Euro zone Industrial New Orders during December were up 2.1%, higher than expected. French CPI during January was up 1.9% year-on-year, lower than forecasts. Major US economic numbers this morning include a private survey of US Existing Home Sales released at 9:00 AM, a private survey of US mortgage applications released before the opening, and several private surveys of store sales released during the session. The results of the second leg of the Treasury's monthly refunding, the 5-year note auction, will be announced at 12:00 PM. In addition, Fed Regional Presidents Plosser and Hoenig will give speeches during the session.