China, ECB Gov't Bond Auctions Fail; Chinese Interbank Lending Rate Hits 5.67% vs. 3.68% Gov't Bills; ECB Monetizes Bond Purchases; Gold, Silver Soar

"Gold and silver are up sharply with bank auction failures in China and Europe today. Interbank lending rates in China doubled in a week and hit a three-year high of 5.67% vs. the failed auction on 91-day securities yielding 3.68%. This was the Second China Failure This Month To Complete Bill Sale."