Gold is up about 1% this month. On Friday, gold prices were near steady after hitting a 4-week high on Thursday. Gold prices finished the day slightly over $1,200 an ounce.
"The correlation between Fed funds futures and the gold price is near the highest ever, indicating a primary factor on the gold price," McGlone said. The possibility of a Greek exit from the euro is adding to the migration of safe havens such as gold, he adds.
Silver has been the best performer in 2015, up 3% year-to-date, but is down 3% on the month, he says.
Total silver ETF holdings have jumped nearly 10 million ounces in June, for a total increase in holdings near 1.5% to 625 million ounces. Silver is on track to have its best month of ETF inflows since August 2013.
On the platinum group metals side, some analysts are saying that palladium has the best story fundamentally; however, McGlone is not so bullish.
He explained that palladium is being pressured by China growth fears and profit taking in ETFs. Platinum and palladium are both mostly bought for industrial use and for catalytic converters in cars.
China May auto sales, were up 1% year-over-year, bringing the 2015 pace of auto sales up 6% compared to a 10% increase in 2014. Palladium ETF holdings declined about 0.5% in May to 2.9 million ounces, a decline of 15,000 ounces, ETF Securities' research indicates.
Platinum also remains under pressure, mostly due to a weaker euro, McGlone explained.
On the month, Platinum ETF holdings declined roughly 1.5% to 2.6 million ounces, a decline of 40,000 ounces.