Why Gold is Not Gaining on Greece

Gold investors may be dumbfounded this Monday morning by the inaction of the precious metal. The Greeks voted “no” over the weekend and stocks opened to turmoil on Monday. Uncertainty around the Greece issue has never been more prominent, and yet the SPDR Gold Trust (NYSE: GLD), which tracks the spot price of the metal, was relatively unchanged in the early AM on Monday. The reason is simple, the dollar factor still outweighs the safe haven factor for gold, and so as the dollar gained this morning, the upside for gold was stymied. Thus, it does appear the Greek Gods show no favor to gold. See the report on Greece & gold here.

Precious Metals Relative Security	Monday at Noon
SPDR Gold Trust (NYSE: GLD)	+0.2%
iShares Silver Trust (NYSE: SLV)	+0.5%
Market Vectors Gold Miners (NYSE: GDX)	+1.4%
Market Vectors Junior Gold Miners (NYSE: GDXJ)	+0.1%
Direxion Daily Gold Miners Bullish 3X (NYSE: NUGT)	+3.9%
Randgold Resources (Nasdaq: GOLD)	+0.9%

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