Goldand silver prices are modestly down in early-afternoonU.S. trading Wednesday.Some mild profit-taking pressure from recent gains and a firmer U.S. dollarindex on this day helped to pressure the precious metals markets. Still, losseswere limited today by some safe-haven buying interest amid a bit more riskaversion in the world marketplace at mid-week.

Asianand European stock indexes were mostly down overnight. U.S. stock indexes areweaker at midday today. There is some elevated risk aversion in the worldmarketplace at mid-week, mainly due to worries about slowing globaleconomic growth.

TheGerman government today auctioned its 10-year note (bund) for an average yieldof -0.05% versus a yield of 0.12% for bunds auctioned on Feb. 27, and the firstnegative yield since 2016. A feature in the marketplace recently has beenfalling government bond yields in the major industrialized countries. U.S.Treasury yields briefly inverted last week when the short-term 3-month noteyield moved above the 10-year note yield. Today, U.S. T-Bond and T-Note futuresprices hit contract highs.

Therewas weaker economic data coming out ofChina today, as its industrial profits for the first two months of thisyear dropped by 14%--the biggest drop since 2011. Lower factory gate prices andlower sales were blamed. U.S. tariffs on China’s imports into the U.S. are alsolikely to blame. The U.S. and China continue high-level trade negotiationsbeginning Thursday.