Political turmoil in Greece and the election of Francois Hollande as France’s president continues to weigh on gold, silver and stocks Wednesday morning.

Gold fell for a third consecutive day, hitting a four-month low in European trading Wednesday, Reuters reported. Recent losses have all but erased 2012’s gains. Rather than gold or other precious metals, investors are seeking safe havens in U.S. and German government bonds.

Spot gold continued to sink beneath the $1,600 level, down 1.07% and bid at $1,587.70. Spot gold traded as high as $1,592.10 and as low as $1,577.40, according to Kitco market data. The London afternoon reference price was set at $1,582.50 per ounce, down $20 from Tuesday’s afternoon reference price.

Spot silver was showing a 1.43% loss, bid at $29.05 per ounce. The morning high as of time of writing was $29.21 and the low was $28.54. Wednesday’s reference price was set at $28.77 an ounce, 81 cents lower than Tuesday’s price fix.

Heightening prospects of a Greek exit from the eurozone, Alexis Tsipras, the leader of Greece’s left-wing Syriza party, expects leaders of rival New Democracy and Pasok parties to revoke commitments to follow through on EU austerity measures ahead of an afternoon meeting to form a governing coalition.

Moody’s is set to cut the credit ratings of more than 100 European banks, putting them in an even bigger pickle. The downgrades threaten the banks with higher funding costs and could force them to increase deleveraging activities at a time when they also need to raise capital reserves.

On a positive note, German exports rose unexpectedly in March, fueled by demand from outside the euro region, which offset a decline in eurozone sales. German exports increased 0.9% in March from February, when they rose 1.5%, according to Germany’s Federal Statistics Office. Imports rose 1.2%.

Gold and silver trusts continued to fall in U.S. exchange trading.

• The SPDR Gold Trust (NYSE:GLD) was down around 1.2%.
• The iShares Gold Trust (NYSE:IAU) was down around 1.15%.
• The iShares Silver Trust (NYSE:SLV) was down more than 1.7%.

Gold mining ETFs were on the plus side, with the Global X Silver Miners ETF (NYSE:SIL) adding to recent losses.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was showing gains of around 0.8%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was up around 1.25%.
• The Global X Silver Miners ETF was down around 1.4%.

Gold mining shares were gaining ground, Kinross Gold (NYSE:KGC) the exception.

• Agnico-Eagle Mines (NYSE:AEM) was up around 2%.
• Barrick Gold (NYSE:ABX) was up around 1.65%.
• Eldorado Gold (NYSE:EGO) was up around 2.8%.
• Goldcorp (NYSE:GG) was up some 0.9%.
• Kinross Gold was down around 1.9%.
• Newmont Mining (NYSE:NEM) was around 3.15% lower.
• NovaGold Resources (AMEX:NG) was up between 2.3% and 2.5%.
• Yamana Gold (NYSE:AUY) was up between 0.2% and 0.4%.

Silver mining shares were mixed Wednesday morning.

• Coeur d’Alene Mines (NYSE:CDE) was around 0.4% lower.
• Hecla Mining (NYSE:HL) was around 0.7% lower.
• Pan American Silver (NASDAQ:PAAS) was showing gains between 0.45% and 0.9%.
• Silver Wheaton (NYSE:SLW) was up more than 0.8%.
• Silver Standard Resources (NASDAQ:SSRI) was up around 1.2%.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities.