Gold and silver have fallen marginally this morning. It is too early to tell whether the paper-driven sell off is over and some western buyers will wait for a higher weekly close. This is not the case in much of Asia where physical demand remains very robust and jewelers and investors are buying the dip. In India, this was seen in the strong Indian ex-duty premiums (AM $.5.36, PM $2.77) for gold yesterday.
The Swiss franc and the euro are weaker today and marginally lower against gold. Asian equity markets were higher (except for a 0.25% fall in the Nikkei) but European indices are more hesitant this morning. Greek, Italian and Spanish debt markets have seen yields creep slightly higher this morning.
