Compiled 03/03/11 6:00 AM (CT) Statistics: London Gold Fix $1430.50 Unch LME Copper Stocks 424,050 tons +500 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) In the early action today, gold prices appear to be poised to start out under some minor pressure. Clearly the trade was undermined slightly by talk of a possible Libyan Peace plan and perhaps because of slightly lower oil prices. With the US equity market seemingly poised to start out moderately stronger, overall anxiety in the marketplace would seem to be on the decline. News of lower Turkish gold imports in the latest monthly figures might be adding to the negative overnight tone in gold prices, but that bias might be countervailed slightly by ongoing favorable gold investment dialogue inside China. It is possible that an ongoing dovish stance from the US Fed Chairman will provide some support for gold prices, as that reduces the near term fear that the US will join the ECB in battling inflation with tighter monetary policy. Seeing the US Fed remain on hold might also serve to keep the US Dollar off balance and generally weak and that in turn is thought to provide some support to gold prices. At least in the short term, the direction of oil prices and the ebb and flow of dialogue on the Libyan Peace plan look to dominate gold prices, with the US economic data and the action in the currency markets of secondary importance. Comex Gold Stocks were 11.147 million ounces down 129 ounces. Gold stocks have declined in 13 of the last 20 days. 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 for the US stock market to open today's session with sizable gains this morning. The Dollar is close to unchanged levels against most of the major currencies during overnight trading, but is posting a gain against the Pound. The leader of the National Libyan council has rejected proposed talks with Libyan leader Muammar Gaddafi. The President of the Bundesbank has suggested extending bond maturities for nations that need to access the new EU emergency loan program. A UN organization warned that surprise oil price spikes would impact global grain markets. German Retail Sales during January were up 1.4%, stronger than expected. Euro zone GDP during the fourth quarter was up 2.0% year-on-year, in line with forecasts. French Unemployment during the fourth quarter was 9.6%, in line with forecasts. Major US economic numbers to be released this morning include Weekly Jobless Claims and fourth quarter Non-Farm Business Productivity at 7:30 AM, and a private survey of US non-Manufacturing businesses at 9:00 AM. In addition, Fed Regional Presidents Lockhart and Kocherlakota will give speeches during the session.