Gold may be breathing a sigh of relief that June is over. Despite the weaker U.S. dollar, lower stock prices and increase in the VIX volatility index, June has been a disappointing month for the precious metals. The metals appear to be pressured by the deflationary trend, with gold faring the best, down 1.5% says Mike McGlone, research director for New York-based ETF Securities. 'Lower stocks and the increase in the VIX have only happened in the last few days of the month and the first half of the year on potential transitory issues related to Greece, likely lessening their impact as the markets square up for the end of H1,' says McGlone. Could the deflationary trend be poised for a reversal? 'We sure hope so, but we have to acknowledge the facts, the overall trend is down,' he says.