Compiled 08/29/11 6:00 AM (CT) Statistics: London Gold Fix $1,787.00 N.A. LME Copper Stocks 464,925 tons N.A. GOLD MARKET FUNDAMENTALS: (6:00 AM CST) While equities are somewhat higher to start this morning, gold and silver prices have shown mostly positive action to start the new trading week. While currency market action is somewhat supportive of gold prices this morning, the currency markets don't look to be the main driving force in the early Monday morning US trade action. The market seems to be embracing a measure of ongoing macro economic uncertainty despite the recent hints of future action from the US Fed. Some gold players are suggesting that the need for a two day Fed open market committee meeting to discuss wide ranging options in September, smacks of inflation or of action from the Fed that could serve to pump up uncertainty even further. A holiday in the UK today might have reduced the guidance from the overnight gold price action, but some traders think the Fed statements from last week are still likely to usher in fresh buying of gold, especially after the new head of the IMF called for coordinated action to head off a global recession. Comex Gold Stocks were 11.579 million ounces, up 32 ounces. The Commitments of Traders Futures and Options report as of August 23rd for Gold showed Non-Commercial traders were net long 247,969 contracts, a decrease of 9,945 contracts. The Commercial traders were net short 289,639 contracts, a decrease of 16,866 contracts. The Non-reportable traders were net long 41,671 contracts, a decrease of 6,919 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 289,640 contracts. This represents a decrease of 16,864 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia were mixed during overnight trading, stock indices in Europe are generally stronger this morning. Early indications are that US equity markets will open with substantial gains later on today. The US Dollar is weaker against most of the major currencies this morning, although posting a gain versus the Swiss Franc. Finance Minister Noda will become the new Prime Minister of Japan. Tropical Storm Irene has created massive transportation problems and will impact trading volumes in the New York markets. Major US economic numbers to be released this morning are July Personal Income and Personal Consumption at 7:30 AM, and a private survey of US Pending Home Sales at 9:00 AM.