Compiled 03/07/11 6:00 AM (CT) Statistics: London Gold Fix $1437.00 +$19.00 LME Copper Stocks 427,150 tons +1,850 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) With oil prices showing renewed strength this morning on the back of pro-government traction in Libya, the trade is sensing the need to bid up gold prices. In fact, with ongoing protests in Yemen and the initial day of protest in Saudi Arabia due later this week, it could be difficult to displace the Middle East from its front and center headline status. With a downgrade of Greece debt seen overnight, that has dampened the flight to quality status of the Euro slightly and that in turn might upgrade the precious metals complex in some trader's eyes. While nearby gold prices haven't managed new all times highs in the early US Monday trade, they are within proximity to the old high and that could produce some headline orientated buying later in the trading session. The US economic report slate today is less significant than was seen in the prior trading session, with a Consumer Credit report and a couple Fed speeches due out and therefore the gold market might take a lot of direction from oil prices and from the Middle East news flow. News of a disruption of mining operations at an Ivory Coast gold mine probably adds to the bullish sentiment in the market today, even though the total supply of gold from that source is relatively small. Comex Gold Stocks were 11.115 million ounces down 31,898 ounces. Gold stocks have declined 12 of the last 20 days. The Commitments of Traders Futures and Options report as of March 1st for Gold showed Non-Commercial traders were net long 230,325 contracts, an increase of 17,075 contracts. The Commercial traders were net short 286,120 contracts, an increase of 19,329 contracts. The Non-reportable traders were net long 55,794 contracts, an increase of 2,253 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 286,119 contracts. This represents an increase of 19,328 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia and Europe were mixed during overnight trading, early indications are for the US stock market to open today's session with moderate gains this morning. The Dollar is lower against most of the major currencies during overnight trading. The Premier of China stated his nation would see five more years of robust growth. A major credit ratings agency cut the sovereign debt rating for Greece by three grades, as well as holding a negative outlook. Another major credit ratings agency said that the sovereign debt for several nations in North Africa and the Middle East could see negative ratings changes action. Forces allied with Libyan leader Muammar Gaddafi have launched an offensive against rebel forces in several regions of that nation. There are no major US economic numbers to be released this morning. However, the trade will see a US Consumer Crreidt th Fed Regional President Lockhart is scheduled to a give a speech during the session today and that could impact a host of markets.