The PMI for China, Germany and the US dropped last month, but only Germany's index was under 50 (47.9) signaling a contraction in that country. Thus, it is believed that the ECB will lower rates and support the German stock market.
Gold prices found their support and bounced back. There was so much demand for physical gold at $1500 that the US Mint ran out of coins to sell. Also, central banks stepped in to buy. So, I think we have we have seen a short-term low for the metal. Long-term, like the stock market, I believe gold will do poorly in the coming depression.
Additional disclosure: I am long gold and looking to short NUGT.