Gold and Gold ETFs slipped today as the US dollar strengthened over Europe crisis; silver pops.

Gold and Gold ETFs fell today as the US dollar strengthened over the European sovereign debt crisis news.  Typically gold and silver prices rise when currencies such as the Euro begin to appear unstable, however today the US dollar took the safe haven role instead of gold.  Silver prices, however, popped, as Silver ETFs like the iShares Silver Trust ETF (NYSEARCA:SLV) increased .64%.

Gold ETF Update:

Gold Spot Price: $1662.10/oz, -.12%

SPDR Gold Trust ETF (NYSEARCA:GLD): -.14%  This ETF reflects the current price and trends of Gold Bullion and so offers exposure to the gold market within a brokerage account.  The gold spot price for NYSEARCA:GLD is determined by the 24 hour global over-the-counter (OTC) gold market.  The SPDR Gold Trust ETF (NYSEARCA:GLD) is the world’s largest gold ETF and second largest ETF in existence.

iShares Gold Trust ETF (NYSEARCA:IAU): -.06% This ETF reflects the current price and trends of Gold Bullion and so offers exposure to the gold market within a brokerage account.  The iShares Gold Trust ETF (NYSEARCA:IAU) is backed by gold held in trusts located in London, Toronto, and New York.  The gold spot price for the iShares Gold Trust ETF (NYSEARCA:IAU) is set by the London PM Fix Price for spot gold as determined by the London Bullion Market Association.

Silver ETF Update:

Silver Spot Price: $32.24/oz, +.51%

iShares Silver Trust ETF (NYSEARCA:SLV): +.64%  This ETF reflects the current price of silver and trends of Silver Bullion and so offers exposure to the silver market within a brokerage account.  The iShares Silver Trust ETF (NYSEARCA:SLV) is backed by real silver and the silver price is set by the London PM Fix Price for silver as determined by the London Bullion Market Association.

ProShares Ultra Silver ETF (NYSEARCA:AGQ): +1.12%, This ETF reflects the 2X daily return of the current price of Silver Bullion.  The ETF is priced in US dollars based on the afternoon closing price of Silver in London.  The ProShares Ultra Silver ETF thus offers double exposure to the silver market within a brokerage account.

Platinum ETF Update:

Platinum Spot Price: $1635.5/oz, -.47%

ETFS Physical Platinum Shares ETF (NYSEARCA:PPLT): -.48%, This ETF reflects the current spot price of physical platinum and so offers exposure to the platinum market within a brokerage account.  The price of platinum is specified by the London Platinum and Palladium Market (LPPM) rules and is backed by Platinum held in vaults in London, UK and Zurich, Switzerland.

Bottom Line: Gold prices and gold ETFs dropped today as the US dollar gained strength in reaction to Euro dramas.  Silver prices reacted as expected to the Euro crisis, as typically precious metals rise when currencies fall.  Gold and gold ETFs will likely catch up and continue to rise if the European sovereign debt crisis continues to fester.

Sign up for our free newsletter!

Disclaimer: Wall Street Sector Selector trades a wide variety of ETFs and positions can change at any time.

About John Nyaradi (http://www.wallstreetsectorselector.com) John Nyaradi is Publisher of Wall Street Sector Selector: Your Home For ETF Investing! John writes a weekly guest column, John Nyaradi’s ETF Edge for MarketWatch.com and his investment articles have appeared in many online publications including Trading Markets, Money Show, Yahoo Finance, Investors Insight, Fidelity, ETF Daily News, iStock Analyst , among many others. His book, Super Sectors: How to Outsmart the Market Using Sector Rotation and ETFs, is published by John Wiley and Sons and included among the Years Top Investment Books in the 2011 Stock Trader’s Almanac.