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By John Nyaradi

Gold ETFs remained flat Monday despite the looming fiscal cliff, as the gold spot price lost .10% to close at $1728.70 per ounce, while gold ETFs like the SPDR Gold Trust ETF (NYSEARCA:GLD) and the iShares Gold Trust ETF (NYSEARCA:IAU) lost .22% and .12%, respectively.

Gold ETFs are still struggling to break their 50 Day Moving Average, and will likely have a tough time breaking through without some major currency fears surrounding the demise of the euro or the U.S. dollar. With Greece up front and center again, gold prices could see a rise as investors hedge a possible euro breakdown by moving to "safer" assets in gold.

Silver ETFs are reacting the same way as gold ETFs, as the silver spot price lost .40% to close at $32.40 per ounce, while silver ETFs such as the iShares Silver Trust ETF (NYSEARCA:SLV) lost .54%. Both the silver spot price and the SLV ETF have been unable to break their 50 Day Moving Averages, and consolidation and sideways moves appear eminent.

Again, its all eyes on the fiscal cliff and Greece, the outcomes likely becoming the determining factor on whether gold ETFs and silver ETFs will rise through their 50 Day Moving Averages and turn bullish for the long term. A dead euro (via a dead Greece), and a dead U.S. dollar (via a fiscal cliff) would likely spur investors to move their assets to safer means.

Gold ETF Update:

Gold Spot Price: $1728.70/oz, -.10%

GLD: -.22%, 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 GLD is determined by the 24 hour global over-the-counter (OTC) gold market. GLD is the world's largest gold ETF and second largest ETF in existence.

IAU: -.12%, This ETF reflects the current price and trends of gold bullion and so offers exposure to the gold market within a brokerage account. IAU is backed by gold held in trusts located in London, Toronto, and New York. The gold spot price for 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: $32.40/oz, -.41%

SLV: -.41%, 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. 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.

The ProShares Ultra Silver ETF (NYSEARCA:AGQ) reflects the 2X daily return of the current price of Silver Bullion. The ETF is priced in U.S. 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.

Bottom Line: Gold ETFs remained flat today despite fears surrounding Greece and the Fiscal Cliff. If issues surrounding Greece weaken the euro, or if the Fiscal Cliff weakens the U.S. dollar, gold ETFs and silver ETFs will likely shoot through the roof.

Disclosure: Wall Street Sector Selector actively trades a wide range of exchange traded funds and positions can change at any time.

Disclaimer: The content included herein is for educational and informational purposes only.

Source: Gold ETFs Stay Flat With Equity Markets