Compiled 10/11/11 6:00 AM (CT) Statistics: London Gold Fix $1,662.00 +$1.00 LME Copper Stocks 409,950 tons -52,575 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market set back slightly overnight, as the optimism that pervaded the markets yesterday faded slightly this morning. The fact that German Chancellor Merkel and French President Sarkozy have given themselves three weeks to come up with a plan to support European banks leaves the potential for three weeks of additional uncertainty. In the meantime, the EU awaits Slovakia's vote on the latest EU bailout agreement. They are the last of the 17 member countries to vote on it, and approval is not a fait accompli. And despite renewed optimism that the US has avoided a double-dip recession, there were stories this morning warning that the US faces a 60% chance of a recession in the next 12 months. The commodity, equity and currency and bond markets all seem to have reacted with minor corrections of yesterday's big moves. Gold seems to be following economic optimism and the dollar and nothing else. Cash gold prices were higher in India overnight. Egypt's Centamin mine reported a 67% increase in 3rd Quarter production over a year ago. They also stated they are on track to meet this year's goal of 200,000-210,000 oz. at a cost of $550/oz. Comex Gold Stocks were 11.119 million ounces up 3,399. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia were generally higher 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. Slovakia will vote on expanding the powers of the Euro zone rescue fund later on today. A summit of EU leaders has been delayed until October 23rd in order to develop additional plans to deal with Euro zone sovereign debt problems. UK Industrial Production during August was up 0.2%, higher than expectations. Major US economic numbers to be released this morning include private surveys of store sales released during the session.