Compiled 09/02/11 6:00 AM (CT) Statistics: London Gold Fix $1,854.00 +$38.50 LME Copper Stocks 466,075 tons +1,450 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold trade seems to be factoring in a weaker than expected US Non farm payroll result for later today and with Treasuries higher and equities sharply lower, the gold market isn't the only market sensing macro economic anxiety and uncertainty. While some estimates for today's non farm payroll result have been pulled down this week, the trade is probably still centered on a gain between +50,000 and +80,000. A number below that range will probably push up gold prices sharply, as macro economic uncertainty and hopes for additional US easing will be brought to the forefront. On the other hand, a gain in the Non Farm payrolls above +80,000 could result in a questioning of additional easing and the threat of a return to recession. With December gold prices this morning already sitting $150 an ounce above the August lows, it would seem like a large portion of a recession view is already priced in, but some traders think that a rise above $1,900 in December gold today could prompt technical projections of $2,000 an ounce to flood the weekend headlines. At least into the numbers this morning, the trade looks content to buy the rumor of a bad data point! Therefore talk of European central bank gold sales to raise cash, doesn't look to be given that much attention today. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia were mixed during overnight trading, stock indices Europe were mostly weaker this morning. Early indications are that US equity markets will open moderately lower later on today. The US Dollar is stronger against most of the major currencies this morning, although posting a loss versus the Swiss Franc. Euro zone PPI during July was up slightly, while Germany posted some impressive gains in new car registrations for the month of August. UK data from Construction PMI was weaker than the prior month and in turn managed to fall to the lowest levels of 2011. Major US economic numbers to be released this morning include August Non-Farm Payrolls, August Private Payrolls, August Unemployment Rate, August Average Earnings and August Average Workweek at 7:30 AM.