Compiled 09/22/11 6:00 AM (CT) Statistics: London Gold Fix $1,765.00 -$44.50 LME Copper Stocks 466,075 tons -875 GOLD MARKET FUNDAMENTALS: (6:00 AM CST) Clearly the fear of global slowing and historic easing measures from the US Federal reserve have failed to inspire fresh investment in gold overnight, as gold prices have slumped to the lowest level since August 26th. Surprisingly the dollar has also remained in favor, despite the news of additional quantitative easing yesterday and that has probably added to the aggressive liquidation tilt in gold over the last 24 hours. In fact, with manufacturing readings from China and the Euro zone coming in below the growth/no growth line on the charts, the trade is embracing the threat of recession and that apparently fosters liquidation action in gold. While the need to raise margin capital for equity market positions is probably causing some of the slide in gold prices this morning, there would also seem to be some players exiting gold because of fears that slowing will result in a bad overall environment for gold and commodities. In other words, simply seeing a global recession might not be enough uncertainty for gold. However, some gold traders are holding out hope that something even worse than a global recession could be seen, in the event the euro zone fails or breaks up and that is probably serving to cushion gold against even more aggressive liquidation. In the early action today, traders apparently fear equity market spillover selling pressure in gold and that in turn could make the US claims release an important pivot point for gold traders. While there are speeches today from the Treasury Secretary, the World Bank President and the Managing Director of the IMF, it is unlikely commentary can alter the macro economic expectation of further and more severe slowing ahead. Comex Gold Stocks were 11.409 million ounces down 610 ounces. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia and Europe were sharply lower during overnight trading, early indications are that US equity markets will open with substantial losses later on today. The US Dollar is sharply higher against most of the major currencies this morning. A study conducted by the European Central Bank stated that the current sovereign debt crisis may put the sustainability of the Euro into question. There are reports that Qatar may be in negotiations to take a stake in major French bank BNP Paribas. A private survey of Chinese Manufacturing during August came in at 49.4, a decline of 0.5 from July. A private survey of German Manufacturing during September was 50.0, roughly in-line with forecasts. A private survey of Euro zone Service Industries during September was 49.1, roughly 2 points below market expectations. Euro zone Industrial New Orders during July were down 2.1%, weaker than projections. The Treasury's quarterly auction of 10-Year TIPS securities will have results announced today at 12:00 PM. Major US economic numbers to be released this morning include Weekly Jobless Claims at 7:30 AM, and a private survey of Leading Economic Indicators at 9:00 AM.