Gold and silver daily commentary

Equity markets in Asia and in Europe are mixed this morning, while US stock indices are moving lower during overnight trade action. The Dollar is moderately stronger against most major currencies, while losing a small amount to the Swiss Franc. In a televised speech, President Obama asked that BP set up an escrow account to pay for damages from an oil spill in the Gulf of Mexico. The European Commission denied reports that the EU, IMF, and US Treasury were setting up a liquidity plan to protect Spanish sovereign debt. An economist for the IMF said that it is in China's best interest to revalue their currency as soon as possible. The French government instituted new austerity measures by raising their retirement age and hiking top-end income taxes. The Japanese Industry Activity Index for April was up 2.1%, lower than expected. The Euro Zone Consumer Price Index for May was up 1.6% year-on-year, in line with expectations. UK Unemployment during April was 7.9%, lower than market forecasts. Today's US economic numbers include May Housing Starts/Permits and the May Producer Price Index at 7:30 AM, with the May Industrial Production report due in at 8:15 AM.