There may be too many bears in the woods for gold, says George Gero, a gold market veteran and vice president and precious metals strategist for RBC Capital Markets. Gold market bulls are disappointed the metal gained only slightly Monday, as the Greek debt crisis continues to unravel and produced no weekend agreement with the European Union. Gold prices saw tepid safe-haven demand and some short covering Monday. Gold quoted in Euros did see much better price gains Monday, reports said. August Comex gold was last up $6.50 at $1,179.80 an ounce. September Comex silver was last down $0.048 at $15.72 an ounce. Greece’s present arrangement with its International Monetary Fund creditors expires on Tuesday—at which time Greece also needs to make a big debt payment to its EU/IMF creditors. 'Last night as the news hit, gold was up $10 - and as the day unfolded and the dollar became very expensive - it was very difficult for traders to continue to support gold, because gold is very expensive in dollar terms,' explains Gero. 'Because of possible currency controls in Greece you have seen a flight to cash and to bonds,' he says.