Compiled 11/03/11 6:00 AM (CT) Statistics: London Gold Fix $1,732.50 +1.50 LME Copper Stocks 422,125 tons -1,150 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) The gold market was showing some minor upward action to start this morning and that appeared to be the result of hope of a more positive direction in the Euro zone mess. In many markets there is the hope that the Greek referendum will be dropped and that in turn seems to have improved odds that Greece will fall back in line with Euro zone directives. At this hour, there are expectations for a change in the Greek government and that might have been the result of news that the next tranche of EU payments won't be made until after any referendum is undertaken. It is also possible that strong comments from key European leaders regarding Greece being in or out of the Euro zone inspired the shift in attitude inside Greece. At least in the early action today, the markets seem to view the late breaking Euro events as positive to physical commodity markets like gold. In fact, higher equities and a weaker dollar appear to be providing gold with additional outside market support to start the trade today. While the gold market might take some direction from scheduled US numbers this morning, that news might only have a temporary impact, as the Euro zone situation remains unsettled. Comex Gold Stocks were 11.213 million ounces down 321 ounces. Gold stocks have declined in 12 of the last 20 days. Comex Gold stocks are now at the lowest levels in the past 10 readings. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia and Europe were lower during overnight trading, early indications are that US equity markets will open with moderate losses later on today. The US Dollar is slightly higher against most of the major currencies this morning, although posting a small loss versus the Yen. EU leaders have agreed not to give Greece any further Euro zone rescue aid until that nation approves a referendum on their current bailout plan. The European Central Bank will meet today, and will announce any changes to Euro zone monetary policy at 7:45 AM. A private survey of UK Service Industries during October was at 51.3, lower than market expectations. Major US economic numbers to be released this morning include Weekly Jobless Claims and third quarter Non-Farm Productivity at 7:30 AM, and September Factory Orders and a private survey of US non-Manufacturing industries at 9:00 AM. In addition, Fed Regional President Lockhart will speak during the session.