Gold and silver were moving higher Monday to start the week’s trading, as market attention is focused across the Atlantic, where eurozone finance ministers are expected to decide on a government debt resolution package offered by private sector bondholders. In other European news, the EU parliament voted to implement an embargo on Iranian oil imports that’s set to go into effect July 1.

U.S. earnings season is in full swing — Dow Jones Transportation Index component CSX Corp. (NYSE:CSX) reports earnings after the bell today — but the U.S. economic data calendar is light until Thursday, when the Labor Department reports on weekly initial claims for unemployment insurance.

Spot gold was showing a gain of just over 0.5% this morning, bid at $1,675.50 per ounce with an ask price of $1,676.50. Spot gold traded as high as $1,679.50 and as low as $1,665.60. The London afternoon reference price fix came in at $1,675.50, $22.50 per ounce higher than Friday’s reference price, according to Kitco market data.

Spot silver was up 0.84%, bid at $32.47 per ounce with an ask price of $32.57. The morning high as of time of writing was $32.71 and the low was $31.84. Friday’s reference price was set at $32.45 in the London a.m., $2.09 per ounce higher than Friday’s price fix.

Shares of Vancouver’s Pan American Silver (NASDAQ:PAAS) were getting hammered as management announced it’s acquiring Vancouver’s Minefinders for total compensation of $15.60 per share based on their Jan. 20 closing price, with a total transaction valued around $1.5 billion. Silver production for the combined company is expected to increase from some 26 million ounces currently to more than 50 million ounces by 2015.

Gold bullion prices hit a six-week high of $1,677 an ounce in London morning trading Monday, according to BullionVault’s London Gold Market report. “Near-term technical have turned more bullish (for gold),” according to the latest technical analysis from Scotia Mocatta, though the precious metals dealer sees “psychological resistance looming at $1,700.”

Gold and silver trusts were showing gains Monday morning.

• The SPDR Gold Trust (NYSE:GLD) was moving higher, up over 0.5%.
• The iShares Gold Trust (NYSE:IAU) was showing gains of nearly 0.7%.
• The iShares Silver Trust (NYSE:SLV) was up about 1%.

Gold and silver mining ETFs were showing strong gains.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was showing gains of more than 1.2%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was up nearly 2.3%.
• The Global X Silver Miners ETF (NYSE:SIL) was up around 2%.

Gold mining shares were showing healthy gains, with Kinross Gold (NYSE:KGC) and Yamana Gold (NYSE:AUY) leading the way.

• Agnico-Eagle Mines (NYSE:AEM) was showing gains of about 1.1%.
• Barrick Gold (NYSE:ABX) was up 1.4%.
• Eldorado Gold (NYSE:EGO) was up less than 0.1%.
• Goldcorp (NYSE:GG) was up around 0.4%.
• Kinross Gold was up more than 3.5%.
• Newmont Mining (NYSE:NEM) was trading flat.
• NovaGold Resources (AMEX:NG) was up nearly 1.2%.
• Yamana Gold was trading sharply higher, up almost 3.7%.

Silver mining shares were showing strong gains for the most part. Silver Standard Resources’ (NASDAQ:SSRI) shares were sharply higher, though the company has issued no news releases. PAAS shares were plummeting.

• Coeur d’Alene Mines (NYSE:CDE) was moving higher, up more than 1.9%.
• Hecla Mining (NYSE:HL) was up around 0.2%.
• Pan American Silver was down around 8%.
• Silver Wheaton (NYSE:SLW) was showing gains of more than 3.2%.
• Silver Standard Resources was up about 4%.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.