Gold ETFs (UGL) (GLD) (GDX) (GDXJ) (GTU) Trading Down

Shares of gold ETFs ProShares Ultra Gold (NYSE:UGL), SPDR Gold Shares (NYSE:GLD), Market Vectors Gold Miners ETF (NYSEArca:GDX), Market Vectors Junior Gold Mine (NYSEArca:GDXJ) and Central Gold Trust (AMEX:GTU) are under pressure today, as commodities are getting hammered, dragging precious metals down with them.

The most actively traded gold contract, for June delivery, was recently down $14.60, or 1%, at $1,502.30 per troy ounce.

Silver futures prices were down 7.3 percent $35.660 per troy ounce on the Comex division of the New York Mercantile Exchange.

PowerShares DB Gold Double Short ETN (NYSE:DZZ), ProShares UltraShort Gold (NYSE:GLL) and PowerShares DB Gold Short ETN (NYSE:DGZ) were all trading up because of their gold-shorting strategy.

ProShares Ultra Gold (UGL) was trading at $77.48, dropping $1.67, or 2.12 percent, as of 2:31 PM EDT. SPDR Gold Shares (NYSE:GLD) was at $146.29, losing $1.61, or 1.09 percent. Market Vectors Gold Miners ETF (NYSE:GDX) was trading at $54.67, down $2.09, or 3.68 percent. Market Vectors Junior Gold Mine (NYSE:GDXJ) was at $35.53, falling $2.02, or 5.38 percent. Central Gold Trust (AMEX:GTU) was at $56.78, down $0.57, or 0.99 percent.