Gold ETFs (IAU) (SGOL) (DGL) (DGP) Trade Up

Shares of gold ETFs iShares COMEX Gold Trust (NYSE:IAU), ETFS Physical Swiss Gold Shares (NYSE:SGOL), PowerShares DB Gold (NYSE:DGL) and DB Gold Double Long ETN (NYSE:DGP) traded higher Wednesday as gold, silver and the majority of other commodity prices were up on the day.

PowerShares DB Gold Double Short ETN (NYSE:DZZ), ProShares UltraShort Gold (NYSE:GLL) and PowerShares DB Gold Short ETN (NYSE:DGZ) all closed down as expected on an up gold day.

June gold climbed $15.80 to $1,495.80 per troy ounce, a 1.1 percent gain on the Comex division of the New York Mercantile Exchange. The less traded May contract was up $15.80, or 1.1 percent, to $1,495.60 a troy ounce.

The silver contract for May delivery gained $1.61, or 4.8 percent, to $35.10 a troy ounce.

The U.S. dollar index, which measures the dollar against a basket of six currencies, traded at 75.438, down a little from 75.441 late Tuesday. That was also a factor in gold and silver prices going up.

DB Gold Double Long ETN (DGP) closed Wednesday at $46.20, rising $0.61, or 1.34 percent. PowerShares DB Gold (DGL) ended the trading session at $52.39, gaining $0.28, or 0.54 percent. ETFS Physical Swiss Gold Shares (SGOL) closed at $148.43, up $0.90, or 0.61 percent. iShares COMEX Gold Trust (IAU) closed at $14.59, increasing $0.09, or 0.62 percent.

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.

ETF Shorts (ZSL) (GLL) (DGZ) (DZZ) Trading Down Today

Shares of gold and silver ETFs and ETNs that short the precious metals are down today, including ProShares UltraShort Silver (NYSE:ZSL), ProShares UltraShort Gold (NYSE:GLL), PowerShares DB Gold Short ETN (NYSE:DGZ) and PowerShares DB Gold Double Short ETN (NYSE:DZZ).

The more volatile silver market and price is reflected in the performance of ProShares UltraShort Silver ETF, which was trading down almost 15 percent today, the usual percentage swing - whether positive or negative - the ETF usually takes on any given day, depending on the price movement swings.

Volume for all the ETFs or ETNs listed above are also far above their 3-month daily averages.

PowerShares DB Gold Short ETN (DGZ) was trading at $14.07, down $0.17, or 1.19 percent, as of 2:15 PM EDT. ProShares UltraShort Gold (GLL) was at $23.99, falling $0.67, or 2.72 percent, as of 2:39PM EDT. ProShares UltraShort Silver (ZSL) was trading at $19.68, down $3.43, or 14.84 percent. PowerShares DB Gold Double Short ETN (DZZ) was at $6.80, dropping $0.16, or 2.30 percent.

EFTs not shorting gold and silver were jumping today, as shares of iShares Silver Trust (NYSE:SLV), ProShares Ultra Silver ETF (NYSE:AGQ), SPDR Gold Trust (NYSE:GLD), Market Vectors Gold Miners ETF (NYSE:GDX) and Junior Gold Miners (NYSE:GDXJ) were all trading positive today.

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.