Compiled 09/15/11 6:00 AM (CT) Statistics: London Gold Fix $1,803.00 -$23.00 LME Copper Stocks 466,150 tons -625 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The bear camp will point to an ongoing pattern of lower highs on the charts, while the bull camp might point to comments from a noted currency trader, that the Euro zone was headed toward a depression without a big scale fund backing EU sovereign debt. Other portions of the bull camp have to be disappointed, as a recovery effort in global equities over the last 24 hours doesn't seem to be returning capital to gold, which supposedly was pulled out last week to meet margin calls. The gold market could have garnered some support from Gold Fields Mineral Services prediction overnight that gold prices would probably rise above $2,000 an ounce before the end of this year! GFMS also floated a number of figures on demand overnight and it would seem like gold was initially undermined by some of those figures. For instance, GFMS indicated a 24% decline in 1st half gold investment demand. In retrospect, the GFMS numbers overnight appear to be the victim of significant demand levels in earlier reporting periods. It should also be noted that GFMS predicted a noted rise in 2nd half gold supply and that probably inspired some additional long profit taking. The gold market also saw some private brokerage firm upward revisions in gold price targets overnight but that news didn't seem to have much impact on gold prices. As in the US Treasury market, there appears to be a slight calming of Euro zone fears, even though there doesn't appear to be a specific cause for that type of view. Perhaps statements from the US Treasury Secretary yesterday have combined with news of a series of official European meetings ahead to foster hope that a Euro bond could become a reality. With the focus on Europe, it is unclear what a rather active US scheduled report slate will have on gold prices today. Comex Gold Stocks were 11.402 million ounces down 64 ounces. 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 higher this morning. Early indications are that US equity markets will open with moderate gains later on today. The US Dollar is near unchanged levels against most of the major currencies this morning. German Chancellor Merkel stated that Euro Bonds are absolutely wrong. The Swiss bank UBS announced that a rogue trader might have lost up to $2 billion through unauthorized trading. UK Retail Sales during August were down 0.2%, better than expectations. Euro zone CPI during August was up 2.5% year-on-year, in line with forecasts. Major US economic numbers to be released this morning include the August Consumer Price Index, Weekly Jobless Claims and the NY Fed's Manufacturing Index for September at 7:30 AM, August Industrial Production and Capacity Utilization at 8:15 AM, and the Philly Fed's Business Index at 9:00 AM. In addition, Fed Chairman Bernanke and Fed Governor Tarullo will give speeches during the session.