Compiled 09/09/11 6:00 AM (CT) Statistics: London Gold Fix $1,879.50 +$52.50 LME Copper Stocks 465,225 tons -50 tons Shanghai Deliverable stocks were 113,300 tons +5,510 GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market clearly wasn't undermined by the President's jobs package offering and that has left gold in a safe haven position and seemingly within relatively close striking distance of the September highs. Surprisingly the gold market didn't see much reaction in the Asian trade to Chinese Industrial Production readings overnight, which could have provided a measure of economic confidence, as those readings came in close to expectations and they still managed a year over year gain in excess of 13%. Apparently there continues to be a measure of concern toward the Euro zone debt crisis and it is also unclear whether or not the US political process will be able to come together quickly on a final stimulus deal. The market also seems to remain supported by the lack of news from the US Special committee, which might be expected to offer some insight on their progress, now that the President's speech is out of the way. The gold market might see some reaction to US wholesale trade readings this morning, or it might react to a Fed speech later this morning from Fed member Williams. In the end, the President's plan would seem to temper macro economic anxiety slightly, but perhaps not enough to dramatically undermine gold prices. Comex Gold Stocks were 11.553 million ounces down 32. Comex Gold stocks are at the 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 that US equity markets will open with moderate losses later on today. The US Dollar is stronger against most of the major currencies this morning. President Obama announced a $447 billion jobs plan during a speech in front of a joint session of Congress last night, highlighted by payroll tax cuts. G7 Finance Ministers will meet in Marseille to discuss current global economic problems. Chinese CPI during July was up 6.2% year-on-year, in line with expectations. Chinese Industrial Production during July was up 13.5% year-on-year, slightly below some market forecasts. Japanese GDP during the second quarter was down 0.5%, in line with estimates. German CPI during August was up 2.4% year-on-year, above expectations. French Industrial Production during July was up 1.5%, above forecasts. UK PPI during August was up 6.1% year-on-year, above estimates. The only major US economic number to be released this morning will be July Wholesale Inventories at 9:00 AM. In addition, Fed Regional President Williams will give a speech during the session.