With the Institute of Supply Management (ISM) employment index falling in June, and the manufacturing sector showing its weakest hiring in four years, investors were given some hope that the Federal Reserve's plans to slow or end quantitative easing might be tabled. The weak report may be a harbinger of Friday's nonfarm payroll jobs report coming in weaker than expected. Finally, with the U.S. dollar weakening, the precious metals markets are finally getting a breather.

In the video below, Fool.com contributor Doug Ehrman discusses the economic data, what it means for the markets, and how investors can take advantage by considering ETFs like the SPDR Gold Trust (NYSEMKT:GLD) and the iShares Silver Trust (NYSEMKT:SLV).

GLD Chart

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Fool contributor Doug Ehrman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.