Both gold and silver rose in Sunday evening trading on the Globex [counterparty...Western Pacific Ocean]. The peak prices in Far East trading occurred around lunchtime in Hong Kong. From there, both metals drifted slightly lower…and remained there all through European trading until the Comex open in New York…then away they both went.

Thrift lender IndyMac (IMB) has become the fifth U.S. bank to go belly up this year. It’s one of the the largest U.S. bank failures ever. This from MarketWatch:

The Federal Deposit Insurance Corp. said in a statement it will take over operations of IndyMac, which will open for business on Monday as IndyMac Federal Bank. The thrift – the fifth U.S. bank to fail so far this year — had total assets of $32.01 billion as of March 31.

Much of IndyMac’s business was built on Alt-A single family mortgages, which were often made to borrowers with poor credit.