On Monday, gold (NYSEARCA:GLD) futures for August delivery slipped $1.10 to settle at $1,627 per ounce, while silver (NYSEARCA:SLV) futures edged 7 cents lower to close at $28.67.

Both precious metals started the week on a quiet note, as the pro-bailout New Democracy party in Greece defeated the Syriza party, which had threatened to walk out on the country’s bailout agreement.

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In an email statement, Christopher Vecchio, Currency Analyst at DailyFX explained, “The market can’t have its cake and eat it too. Although the Greek election yielded what is considered to be one of the more positive outcomes – a New Democracy victory with scope for a pro-bailout coalition government – the harsh reality that no victory by the anti-bailout contingent means that no global easing package will be announced by the G20 or the major central banks. Although the EURUSD traded up towards 1.2750, its highest level in three weeks, it has since pulled back below 1.2600 as the Spanish 10-year bond yield leapt over 7 percent with relative ease this morning.”

Spain’s 10-year government bond yield jumped above 7 percent and hit as high as 7.285 on Monday, representing a new euro-era all-time high.

In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) traded flat, while the iShares Silver Trust (NYSEARCA:SLV) edged .11 percent higher. Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Barrick Gold (NYSE:ABX) gained more than 1 percent. Silver names such as Silver Wheaton (NYSE:SLW) and Endeavour Silver (NYSE:EXK) increased 2.41 percent and 1.38 percent, respectively.

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Disclosure: Long EXK, AG, HL, PHYS

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