Gold and silver spot values picked up more ground today despite there being not very much for the market to talk about. Metals ended both the month and the second quarter of 2014 in impressive fashion and are looking like they will continue to edge higher as we head further into the week.

The violence in Iraq has not gotten particularly worse, but it is not easing up at all according to a number of sources. US military advisers are on the ground, but it is being reported that they are restricted from engaging in battle. As ISIS fans out and spreads itself across a wider range of cities and regions, it is becoming a bit more difficult for Iraqi security forces to engage the rebel fighters. As the fighting wears on and other nations join in, it is likely that the situation will deteriorate before it gets any better.

Sub-Par EU Data Ahead of This Week’s Meeting

Despite there not being all that much economic data on today’s slate, the European Union played host to the only noteworthy report. The EU’s annual inflation numbers from May to June came in about in line with market expectations, but below the European Central Bank’s target annual inflation rate. For yet another month, it was reported that inflation stayed in the range of .5% and did not do much in the way of moving. Much to the dismay of many, this .5% inflation reading is still far short of the desired 2% inflation.

With the European Central Bank scheduled to hold their July monthly policy meeting on July, it will be interesting to see if they comment on the recently sub-par economic data from the region. Also happening on Thursday, as a result of markets being closed in the US on Friday due to the observance of the Independence Day holiday, is the release of the latest US employment report for June. It will be interesting to see how this week’s employment report affects the current progress of the precious metals market.