August 2, 2016 -- Markets were relatively quiet yesterday but for heavy selling in crude oil. Crude lost nearly 4% and ended U.S. trading right at $40 per barrel -- Oil's lowest level since April. Investors worry that supply will continue to overwhelm softening global demand.

Precious metals tacked onto last week's gains another modest rise. U.S. stocks finished slightly lower. And the U.S. dollar strengthened against other major currencies.

Investors got mixed signals on U.S. manufacturing with the Purchasing Manager's index showing an increase in activity and the ISM reporting a decline in new orders.

But the European Banking Sector continues to look like trouble. Share prices fell in response to "stress test" results showing at least one major Italian bank is woefully under-capitalized, and it secured a $5 billion bailout. But investors now question whether OTHER troubled banks will be able to secure the same assistance.

Banking giants Credit Suisse and Deutsche Bank shares were booted from the Euro Stoxx 50 index which is reserved only for Europe's largest and most liquid stocks.

Live prices at MoneyMetals.com show gold currently trading at $1,365.30 per ounce on the global market, and silver is coming in at $20.79.