ITunes App and Other Downloads Extremely Slow

I have the latest version of iTunes; however this problem began presenting itself even before my upgrade: apps, songs, podcasts, etc. (basically anything downloaded through iTunes) start dowloading very fast (my connection is a 60 megabit one) and then hang in the middle of downloading. They sit there... trickle downloading at an incredibly slow rate until ultimately, they finish. Stuff that used to take seconds, now takes minutes.
I have my iTunes collection on an external USB drive, which I have verified as working fine in the Disk Utility, and there is still 80GB of free space available. This problem presents itself even when no other applications save iTunes are running. Nothing has changed on my side, so I am wondering if anyone else is experiencing this difficulty.
A side note, this issue doesn't appear when I am downloading anything through the Apple App Store (such as the 300MB or so Mountain Lion update I downloaded in under a minute today).

You have more or less answered your own question, you have too little space on your hard drive. Either put in a bigger one, or offload some of your music and photos/videos onto an external drive. You can use [whatsize|http://www.versiontracker.com/dyn/moreinfo/macosx/44018] to see which programs are taking up the most space. You can also go to Applications>Utilities>Activity Monitor to see if anything is hogging your CPU. Remember to empty your browser caches and the trash as well.
Let us know if you manage to speed things up,

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