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Precious metals prices this morning are mixed: GCZ4 -1.1 (-0.09%) at a 7-1/2 month low, SIZ4 +0.006 (+0.03%), HGZ4 +0.001 (+0.03%). Metals prices on Thursday closed lower with Dec gold at a 7-3/4 month low, Dec silver at a 14-month low and Dec copper at a 2-3/4 month low. Bearish factors included (1) reduced inflation concerns that curbs demand for gold as an inflation hedge after China CPI and PPI both rose less than expected, and (2) the action by the IfW Kiel economic institute to cut its 2014 German GDP estimate to +1.4% from a Jun forecast of +2.0%, which signals reduced demand for industrial metals. Closes: GCZ4 -6.3 (-0.51%), SIZ4 -0.327 (-1.73%), HGZ4 -0.0180 (-0.58%).