Gold prices might have wrong-footed a lot of market participants early Monday as the spot gold price plunged about $40 per ounce, from $1,820 to just above $1,775. Investors and traders would have justifiably expected heightened safe-haven demand and a sharp run-up in prices after news that the European Union and International Monetary Fund said Greece, already struggling to pay its debts, would have to impose even stricter austerity measures for the EU and IMF to release a second tranche of emergency funding next month. Instead, gold prices moved sharply in the opposite direction.

Spot gold was bid at $1,781 with an ask price of $1,782 Monday morning, down 1.38%, having hit a high of $1,820 and a low of $1,775.30, according to Kitco market data. The London p.m. gold fix price was set at $1,794 an ounce, according to the LBMA.

Spot silver was trading at $39.47 Bid, $39.57 Ask early Monday, down 2.93%, having hit a high of $40.45 and a low of $39.11. The reference price for Sept. 19 was fixed at $40.46 in the London a.m.

Looking at this week’s economic calendar, August housing starts and building permits reports are out Tuesday, as is the closely watched FOMC interest rate policy decision for September. August existing home sales and crude inventories come out Wednesday. Thursday brings the weekly initial and continuing jobless claims reports, August leading economic indicators and the FHFA Housing Price Index.

Turning to the exchanges, gold and silver trusts were moving lower.

• The SPDR Gold Trust (NYSE:GLD) was down almost 1.3%.
• The iShares Gold Trust (NYSE:IAU) was about 1.2% lower.
• The iShares Silver Trust (NYSE:SLV) was around 2.4% lower.

Gold and silver mining ETFs were moving lower for a sixth consecutive business morning.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was around 0.3% lower.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was down about 2.7%.
• The Global X Silver Miners ETF (NYSE:SIL) was around 1.5% lower.

Shares of gold miners were broadly lower as well, though Barrick Gold and Newmont Mining were trading higher.

• Agnico Eagle Mines (USA) (NYSE:AEM) was around 1.1% lower.
• Barrick Gold Corp. (NYSE:ABX) was trading higher by about 0.9%.
• Goldcorp (NYSE:GG) was around 0.3% lower.
• Newmont Mining Corp. (NYSE:NEM) was up nearly 1.2%.
• NovaGold Resources (USA) (AMEX:NG) was sharply lower, down more than 3%.

Silver mining shares were mixed in Friday morning trading, with Silver Standard Resources showing strong gains.

• Coeur D’Alene Mines Corp. (NYSE:CDE) was up between 0.35% and more than 0.5%.
• Hecla Mining (NYSE:HL) was down around 1.25%.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was some 0.15% lower.
• Silver Wheaton Corp. (USA) (NYSE:SLW) was showing gains of more than 1.5%.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was up over 2%.

The author does not hold positions in any of the above-mentioned investments.