Torsten Slok provides an illuminating picture of discretionary spending (y/y) by category. A year ago, I wrote about how the lack of a clear signal of discretionary spending failed to signal a slowdown. And indeed, no recession followed.

South Korea’s latest fiscal stimulus contributed to improved consumer sentiment and greater growth momentum. But these effects may prove temporary. Even so, the Bank of Korea will stand pat later this week, as it focuses more on housing prices.

The gold and silver prices were down on Monday to start the week, with silver logging the bigger decline this time. However, one of the more favorable legislative actions for the silver industry was released by the U.S. government today.