Gold ETFs (UGL) (GLD) (GDX) (GDXJ) (GTU) Down as Gold Closes Level

Shares of ProShares Ultra Gold (NYSE:UGL), iShares Gold Trust (NYSE:GLD), Market Vectors Gold Miners ETF (NYSE:GDX), Market Vectors Junior Gold Mine(NYSE:GDXJ) and Central Gold Trust (AMEX:GTU) trade down as gold closes level.

ProShares UltraShort Gold (NYSE:GLL) which wins when gold is under pressure, closed Monday up.

Silver prices for July lost $2.51 to settle at $46.08 an ounce, after getting crushed 13 percent, as it fell as low as $42.20.

Gold for June delivery jumped 70 cents Monday to settle at $1,557.10 an ounce at the Comex division of the New York Mercantile Exchange. After losing 2.5 percent to drop to $1,540.30, the yellow metal rebounded to $1,577 an ounce.

The U.S. dollar index changed directions after an rally early in the trading session Monday and was down 0.09 percent at $72.96. The U.S. dollar index was fell almost 4 percent in April and is struggling to keep from breaking below its record low of $71.

It is surprising to see gold and silver pressured, as in April gold was up 8.92 percent and silver a whopping 28.72 percent.

One piece of financial information somewhat ignored Monday because of the hoopla surrounding the death of Osama bin Laden, was the manufacturing report concerning China in April which showed production had slowed down during the month. That should help the price of gold and silver going forward.

ProShares Ultra Silver closed Monday at $296.50, falling $62.46, or 17.40 percent.