Compiled 04/11/12 6:00 AM (CT) Statistics: London Gold Fix $1,654.00 +9.25 LME Copper Stocks 267,150 tons -1,250 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) At least in the early going today, the US equity market and many physical commodity prices weren't overtly undermined by what seemed to be a very wide spread geological event overnight. While a Tsunami watch is in place for the Indian Ocean, there doesn't seem to be any noted increase in wave heights, as of this writing. The threat of Tsunami's might have partially countervailed rumors overnight of a possible upcoming Chinese RRR reduction. There were reported gains in Vietnam stocks after a series of rate cuts in that country and perhaps the promise of global easing will be given more credence in the wake of the overnight events. However, the gold market has already seen some recent lift, off the hope of more easing from the US, but it did not seem as if there was that much hope of assistance beyond the US Fed watch. Certainly residual concern toward European debt is an tempering element this morning and the positive earnings news from Alcoa yesterday afternoon might need to be backed up by other favorable earnings reports for the US equity markets to fully arrest the recent pattern of weakness in US equity prices. While some players are attempting to talk up gold as a safe haven instrument again, that track of thinking might be difficult to sustain, as gold's physical commodity market standing has been a dominating focus recently. News that might provide a slight undermine for gold prices today, is evidence of higher gold production from some North American mines, but news that gold flow from Hong Kong to mainland China was up sharply on a month over month basis might mean that overall supply and demand news overnight was mostly supportive. In the action today, the gold market will continue to take direction from the US equity markets and it will also parse the words from the US Fed early this morning closely and then again intensely early this afternoon for any fresh policy hints. Comex Gold Stocks were 11.155 million ounces up 7,221 ounces. Gold stocks have declined in 12 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) Asian equity markets were higher overnight, with the markets speculating on an upcoming Chinese RRR reduction. However, a series of earthquakes around the Pacific Rim and even into India sparked concerns of Tsunami's in coastal areas. The European markets tried to stabilize overnight but that might have simply been a reaction to a recent concentrated oversold status. However, a poor Italian auction result overnight might provide some late pressure to European shares. It should also be noted that a German auction wasn't fully covered overnight, but yields on that instrument were still very low and that might reduce the anxiety from the lack of auction demand. At least in the early US trade equities were trading moderately higher, perhaps because of a supportive earnings season kick off from Alcoa yesterday afternoon. From the US scheduled report front today, the markets will see a weekly mortgage application survey, US Import/Export prices, a 10 Year US auction result and the release of the Fed's Beige book. There will also be speech from the Fed's Lockhart early in the trading session today.