It is hard to describe exactly how irresponsible Germany has been in this regard. But, they are manipulating the E.U. for their own national gain as some countries with decent economic vitality struggle. It is not only bad policy, it is immoral.

Some scattered news in the United States also stoked the idea that the Federal Reserve will not soon stop quantitative easing. 

The Philadelphia Survey (index) of economic conditions fell unexpectedly in March. Industrial activity fell extremely from 2.0 on the Fed gauge to 1.3.

At the same time, new hiring fell by 4,000 people last week, an indication of only modest growth in the labor force. 

A series of uninspiring - that is, mixed - earnings reports from the equities sector pressured stock prices. The S&P fell to its lowest levels in six weeks. This is an important trend for precious metals traders, especially those in gold. 

Earnings are projected to rise only 3.2% overall for S&P 500 companies for the first quarter of this year, a steep departure from growth of 6% in the same quarter of 2012. 

This brings us full circle to global economic conditions. "The revenue side of the equation looks challenged on the whole," said Bill Stone, chief investment strategist at PNC Asset Management Group, referring to the earnings shambles. "That's a testament, unfortunately, to a global economy that continues to struggle." The dollar was softer, and another outside market bearing on gold, crude oil, firmed then rose after suffering a strong reversal in Asian overnight markets.