Gold ETFs SPDR (GLD) (GDX) (GDXJ) (IAU) (DGP) Trade Down As Gold Falls

Gold and silver prices went through a reversal Friday, as gold closed down and silver rebounded to close higher, putting pressure on gold ETFs like SPDR Gold Trust (NYSE:GLD), Market Vectors Gold Miners ETF (NYSE:GDX), Market Vectors Junior Gold Mine (NYSE:GDXJ), PowerShares DB Gold Double Long ETN (NYSE:DGP) and iShares Gold Trust (NYSE:IAU), which all closed down Friday.

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.

SPDR Gold Trust (GLD) closed Friday at $145.63, down $0.96, or 0.65 percent. Market Vectors Gold Miners ETF (GDX) ended the day at $54.21, falling $0.44, or 0.81 percent. Market Vectors Junior Gold Mine (GDXJ) closed at $34.69, dropping $0.67, or 1.89 percent. iShares Gold Trust (IAU) closed at $14.59, declining $0.10, or 0.68 percent. PowerShares DB Gold Double Long ETN (DGP) ended the session at $46.19, falling $0.66, or 1.42 percent.