Compiled 04/10/12 6:00 AM (
CT
) Statistics: London Gold Fix $1,643.75 LME Copper Stocks 268,400
tons +3,625 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) While
there continues to be hope that either China or the US will step
up and provide some additional economic stimulus, that issue
isn't thought to be a front burner potential in the coming
session. While some traders continue to fear periodic threats of
global slowing and that in turn has periodically pulled support
from under physical commodities like gold, there is hope that
last Friday's numbers has already caught the Feds attention. With
four straight sessions of lower global equity market action, the
global slowing threat was accentuated and that probably increases
the attention on upcoming Fed dialogue. However, today the US
equities look to break the recent trend of weaker equity market
action, but that potential supportive outside market action might
be tested, if a series of US Fed speeches today, fails to produce
some dovish policy dialogue. In other words, many markets like
gold will be parsing the Fed's commentary today, in search of a
softening in the Fed's somewhat hawkish tone, that initially
surfaced in the last FOMC meeting minutes release. Another
development that might limit the upside in gold prices today, is
news that Chinese gold production for the month of February rose
by 11% over the prior month. However, that potential negative is
probably countervailed by ongoing ideas that Chinese gold demand,
has generally continued to grow and that growth is expected to
soak up the added domestic gold supply. Comex Gold Stocks were
11.148 million ounces down 168,787 ounces. Gold stocks have
declined 13 of the last 20 days. OUTSIDE MARKET DEVELOPMENTS:
(6:00 AM CST) Asian equity markets were mixed overnight, with the
markets surprised by a positive Chinese Trade surplus reading.
Apparently a pick-up in overseas demand countervailed slack
domestic demand in China. The European markets were still
generally off balance, because of last week's soft US payroll
report and also because of residual slowing fears in China, in
the wake of their monthly trade balance figures that showed a
softening of domestic demand. From the US scheduled report front
today, the market will see weekly private US chain store sales
figures, US Wholesale trade and a flurry of Fed speeches
throughout the trading session. Also due out today are the
results of a US 3 Year Note auction at mid day and traders will
also see a World Ag Supply and Demand estimate report which in
turn could have some indirect impact on metals and other physical
commodity prices.