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Oil-producing Russia should take advantage of high commodity prices to restructure its economy, the International Monetary Fund's executive board said Wednesday in its annual country survey.

Gold ended marginally lower but downside was limited as the Dollar softens on Thursday due to sluggish claims data. Silver prices rallied on Thursday. The International Monetary Fund trimmed its forecast for global economic growth this year, citing recent weakness in the United States. But the IMF said growth prospects for next year remain undimmed, despite Greece's debt crisis and recent volatility in Chinese financial markets. The Euro strengthened after Greece proposed reforms similar to those demanded by creditors in return for a financial bailout, boosting the chances the nation will remain in the currency union and reviving risk appetite.

The market is close to resolving whether the consolidation pattern since early August is a base for a renewal of the bull market, or a further decline in stock prices and a very attractive buying opportunity.

Stocks fell over 2 percent today as investors worry that an indecisive EU and IMF will let Greece collapse, and Republicans are up in arms over the President's class warfare plan.