Gold ETFs (DZZ) (DGZ) (GLL) After Gold Trades Up

Gold was able to shake itself of silver Friday, as it has been weighed down by the plummeting price of silver in recent trade, which also has been pushing up gold ETFs or ETNs which short the metal, like PowerShares DB Gold Double Short ETN (NYSE:DZZ), PowerShares DB Gold Short ETN (NYSE:DGZ) and ProShares UltraShort Gold (NYSE:GLL).

Gold for June delivery climbed $10.20, or 0.7 percent, to $1,491.60 an ounce. Gold lost 4.2 percent last week, as it had settled at a record $1,556.40 an ounce the Friday before. Gold fell 4.2 percent on the week.

Silver for July delivery dropped 95.3 cents, or 2.6 percent, to $35.29 an ounce on the Comex division of the New York Mercantile Exchange. It had risen as high as $36.43 an ounce in Friday's trading.

The front-month silver contract had its worst week since late March 1980. Silver for May delivery fell 27 percent in the five-day period — its biggest percent drop since that date. The most-active July contract also was down 27 percent on the week.

Silver has lost 14 percent so far in 2011. On April 25, silver had reached as high as $49.845.

PowerShares DB Gold Double Short ETN (DZZ) closed Friday at $6.96, falling $0.16, or 2.25 percent.