Gold ETFs (GLL) (DGZ) (DZZ) Trade Up As Gold Drops

Gold and silver prices went through a reversal Friday, as gold closed down and silver rebounded to close higher, offering support to gold shorting ETFs such as ProShares UltraShort Gold (NYSE:GLL), PowerShares DB Gold Short ETN (NYSE:DGZ) and PowerShares DB Gold Double Short ETN (NYSE:DZZ) closed up.

Gold for June delivery fell $13.10 to close at $1,493.60 at the Comex division of the New York Mercantile Exchange. The spot gold price was down by about $13 an ounce. Silver prices settled up 21 cents to $35.01 an ounce.

The U.S. dollar index was up 0.74 percent to $75.75 as the euro continued to get hammered on the sovereign debt crises in Europe. The euro plunged 1.7 percent last week as Greece was again in the spotlight for the need to probably be bailed out again, as it appears the country refuses to implement austerity measures to deal with the situation, as it, along with numerous countries, has made progressive, socialists promises they aren't able to keep.

Besides the long-term collapse of the U.S. dollar and the European sovereign debt crises, other factors offering support to gold include tightening in China, inflation, and unrest in the middle east.

ProShares UltraShort Gold (NYSE:GLL) closed Friday at $24.53, up $0.32, or 1.32 percent. PowerShares DB Gold Short ETN (DGZ) ended the session at $14.22, gaining $0.09, or 0.64 percent. PowerShares DB Gold Double Short ETN (DZZ) closed at $6.94, gaining $0.09, or 1.31 percent.