Compiled 10/27/11 6:00 AM (CT) Statistics: London Gold Fix $1,708.00 -6.00 LME Copper Stocks 434,675 tons -2,750 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market is showing some initial weakness this morning with the December gold contract this morning, sitting roughly $19 an ounce below the overnight highs in the early US Thursday morning trade. Instead of seeing a wholesale liquidation, off diminished flight to quality conditions, the gold market is handling the change of sentiment fairly well. Some traders think gold might be poised to benefit in the event that a more positive macro-economic view manages to settle into position and that would be pretty impressive, especially with gold to the highs overnight, sitting $126 an ounce above last week's low. News of potentially increased Russian gold production is probably of little consequence to the trade today, as the focus of the gold market is probably going to remain on the ebb and flow of investment demand. However, with evidence of a rise in gold production at a South African gold mining operation also seen in the news flow overnight, it is possible that some in the trade will come away with a negative supply side view toward prices. In fact, given a long trend of declining South African gold production, it is possible that trade interest in the output of other gold miners in that region might be kicked up a bit. The gold market does have the benefit of a weaker Greenback this morning and it is possible that gold could attempt to garner some support from the strength being seen in other industrial commodity markets this morning. If gold does manage to benefit from classical physical commodity market fundamental developments early today that action might start with a favorable reaction to positive scheduled US data flows. Comex Gold Stocks were 11.249 million ounces down 351 ounces. Stocks have declined 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia and Europe were sharply higher during overnight trading, early indications are that US equity markets will open with substantial gains later on today. The US Dollar is lower against most of the major currencies this morning. Euro zone leaders have agreed with private bondholders to take a 50% haircut on Greece sovereign debt, and to expend the size of the Euro zone debt rescue fund through leverage up to 1 trillion Euros. The Bank of Japan signaled an easing of Japanese monetary policy by increasing their asset purchase program by an additional 5 trillion Yen. Japanese Retail Sales during September were down 1.2% year-on-year, weaker than market forecasts. A survey of Euro zone economic sentiment during October was at 94.8, which was above initial forecasts. The final leg of the Treasury's refunding, the 7-Year Note auction, will have results announced at 12:00 PM. Major US economic numbers to released this morning include Weekly Jobless Claims and third quarter Gross Domestic Product at 7:30 AM, and a private survey of Pending Home Sales at 9:00 AM.