Compiled 09/29/11 6:00 AM (CT) Statistics: London Gold Fix $1,620.00 -$35.00 LME Copper Stocks 470,700 tons +4,025 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market did see some downside action overnight with a probe below the prior session's lows, but into the start of the German vote gold prices had managed to recover from those losses. At least recently, the gold market was in a position to benefit from developments that reduce the threat of a global recession. In other words, the gold market generally continues to behave like a physical commodity market that is in need of smooth macro economic waters. While some gold bulls continue to hold out for a breakup of the Euro zone, the gold market might not be in a position to initially benefit from that type of development. The bull camp is attempting to talk up a supportive pattern of physical demand and they are also attempting to fan talk of buying by developing country Central Banks. Initially gold started out weaker in Asia, but that track was reversed into the start of the German vote. It does seem as if gold is set to track positively with international equity market action again today and that in turn would seem to suggest that gold remains off the flight to quality band wagon. US scheduled data today might be expected to support gold prices, but it is unclear whether the trade will pay that much attention to scheduled US data flow in the shadow of the German vote. At least as of this writing, some analysts were seeing the potential for a yes vote, with a large majority and that would seem to fly in the face of the track feared at times over the last 24 hours. Comex Gold Stocks were 11.265 million ounces down 99,825 ounces. Gold stocks have declined 12 of the last 20 days. 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 stronger this morning. Early indications are that US equity markets will open with moderate gains later on today. The US Dollar is weaker against most of the major currencies this morning, although posting a small gain versus the Japanese Yen. The German Parliament apparently voted on expanding the powers and scope of the Euro zone bailout fund this morning. Japanese Retail Sales during August were down 2.6%, weaker than forecasts. German Unemployment during September was 6.9%, lower than expectations. A survey of Euro zone Economic Sentiment during September was at 95.0, lower than projections. Major US economic numbers to be released this morning include the final revision of second quarter GDP and Weekly Jobless Claims at 7:30 AM, and a private survey of Pending Home Sales at 9:00 AM. In addition, Fed Regional Presidents Plosser and Rosengren will give speeches during the session. The final leg of the Treasury's current refunding, the 7-Year Note auction, will have results announced at 12:00 PM.