Gold saw slight gains in Asia before it tumbled lower in London and morning New York trade to as low as $894.50 by a little before noon EST, but it then bounced back higher in the last couple of hour of trade and ended 1.4% off that low with a loss of just 1.94%. Silver saw over 1% gains in Asia before it also fell in London and early New York trade to as low as $12.57 by about 10AM EST, but it then rallied back higher in the last few hours of trade and ended with a gain of 0.62%. The Financial Accounting Standards Board (FASB) announced this morning their changes to mark-to-market accounting. “The changes, which apply to the second quarter that began this month, will allow the assets to be valued at what they would go for in an "orderly" sale, as opposed to a forced or distressed sale. The new guidelines also will allow banks to avoid reporting some losses on securities by splitting them among factors like fluctuating interest rates that won't have to be counted toward net income or loss.”

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