Compiled 10/26/11 6:00 AM (CT) Statistics: London Gold Fix $1,713.00 +56.75 LME Copper Stocks 437,425 tons -1,725 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) Clearly the gold market has shifted back into a flight to quality standing again, with the market seemingly heavily focused on the ebb and flow of the Euro zone situation. However, gold might have been lifted by less hawkish Chinese policy dialogue overnight as that would be a fresh direction for the PBOC. At least recently, gold hasn't been overly undermined by slack US scheduled data and that would also seem to confirm the markets shift away from a classic physical commodity market focus. At least in the early action today, the gold market might take a lot of direction from events in Italy, as the Italian government apparently put together some type of reform plan overnight and forwarded it to the EU. However, it is unclear whether or not the reforms from Italy will appease the EU and it is also unclear if government reforms will be accepted by the Italian population. In the near term, gold might also be set to garner support if the Italian leader is forced from power. Gold probably saw some overnight support from favorable investment banker comments, that ultra low interest rates might be capable of supporting gold prices for another year. While the gold market might react to a soft readings from US durable goods and exhibit some minor weakness, the main focus of gold will probably remain on the Euro zone summit. Comex Gold Stocks were 11.250 million ounces up 1,470 ounces. Stocks have declined 12 of the last 20 days. Comex Gold stocks are at their highest levels in the past 10. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia and Europe were mixed during overnight trading, early indications are that US equity markets will open with moderate gains later on today. The US Dollar is slightly lower against most of the major currencies this morning, although posting a small gain versus the Pound. Euro zone leaders will meet today for the second leg of an EU summit on expanding the Euro zone debt rescue fund. German Import Prices during September were up 6.9% year-on-year, roughly in line with market estimates. The second leg of the Treasury's refunding, the 5-Year Note auction, will have results announced at 12:00 PM. Major US economic numbers to released this morning include September Durable Goods at 7:30 AM, September New Home Sales at 9:00 AM, and a private survey of mortgage applications released before the opening.