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NEW YORK (Scrap Monster): Base and precious metals alike are on the defensive with other global markets. Everything got dumped because of protests in Spain.

The country's 10-year yield rose above 6% as protesters gathered to oppose austerity measures in the debt-troubled nation at a time when the government is thought to be moving closer to asking Europe for a financial rescue.

According to the New York based traders, “It's nothing but a macro knee-jerk reaction," says the trader. "In other words, it's not specific to gold or copper. It's all of them. Stock markets are down. Right across the board, almost everything is down."

The exceptions are the U.S. dollar and Treasury securities. "Lead is down $43 (a metric ton). That's a decent move," said the trader.

Comex December gold was $19.30 softer at $1,747.10 an ounce and silver and platinum group metals were also on the defensive.

LME copper was down $132 to $8,143 a metric ton and aluminum was down $29 to $2,076. Nickel, zinc, lead and tin were also softer.

The December S&P was down 4.10 points to 1,433.10, the euro was down to $1.2851 from $1.2903 late Tuesday, and Nymex November crude was down $1.18 to $90.19 a barrel.