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.

Gold ETFs (UGL) (GLD) (GDX) (GDXJ) (GTU) Crushed as Gold Prices Fall

Gold ETFs ProShares Ultra Gold (NYSE:UGL), SPDR Gold Trust (NYSE:GLD), Market Vectors Gold Miners ETF (NYSE:GDX), Market Vectors Junior Gold Miner (NYSE:GDXJ) and Central Gold Trust (AMEX:GTU) got hit hard Thursday as gold and silver prices continued their fall.

One exception was ProShares UltraShort Gold (NYSE:GLL), which ended the trading session up again, closing at $25.29, gaining $1.41, or 5.90 percent. A number of commodity ETF shorts have been soaring during the commodity correction

Gold for May delivery, the front-month contract, ended the trading session Thursday down $34, or 2.2 percent, at $1,480.90 per troy ounce on the Comex division of the New York Mercantile Exchange.

The silver contract for May delivery closed 8 percent lower, down $3.152, at $36.231 per troy ounce.

Since the Friday settlement price silver has plummeted 25 percent.

The U.S. dollar was also up, adding pressure to the two precious metals, as it gained 2 percent against the euro. That came largely from European Central Bank President Jean-Claude Trichet who suggested there will no interest-rate boost in the near future.

Nothing has changed the underlying fundamentals for gold or silver though, and this is just a healthy correction before gold and silver prices begin moving up again.

As long as easy money policies continue by the Federal Reserve and interest rates remain near zero, there is nothing to stop gold and silver prices from continuing to rise.

Inflation, political unrest, sovereign debt crisis and the collapsing U.S. dollar will also play a major role over time for gold and silver prices.

Market Vectors Junior Gold Miner closed Thursday at $35.79, falling $2.15, or 5.67 percent.

ETFs (EEV) (AGA) (SFSA) (GLL) (EMSA) Results for Wednesday

ETFs had some strong performers Wednesday, including ProShares UltraShort MSCI Emerging Mkts (EEV), PowerShares DB Agriculture Dble Shrt ETN (AGA), iPath Short Extended S&P 500 TR ETN (SFSA), ProShares UltraShort Gold (GLL) and iPath Short Enhanced MSCI Emerg Mkts ETN (EMSA).

ProShares UltraShort MSCI Emerging Mkts (EEV) closed Wednesday at $29.71, jumping $0.95, or 3.30 percent.

PowerShares DB Agriculture Dble Shrt ETN (AGA) closed at $17.81, up $0.54, or 3.13 percent.

iPath Short Extended S&P 500 TR ETN (SFSA) closed at $28.20, gaining $0.83, or 3.04 percent.

ProShares UltraShort Gold (GLL) closed at $23.88, climbing $0.68, or 2.93 percent.

iPath Short Enhanced MSCI Emerg Mkts ETN (EMSA) closed at $80.37, rising $2.27, or 2.91 percent.

Pressure on (UGL) (GLD) (GDX) (GDXJ) (GTU) as Gold Prices Fall

Shares of gold ETFs like ProShares Ultra Gold (NYSE:UGL), SPDR Gold Trust (NYSE:GLD), Market Vectors Gold Miners ETF (NYSE:GDX), Market Vectors Junior Gold Mine (NYSE:GDXJ) and Central Gold Trust (AMEX:GTU) were dropped Tuesday as the price of gold fell on the session, with the U.S. dollar gaining a little.

On the other hand ProShares UltraShort Gold (NYSE:GLL) responded in the positive, as expected.

Gold for June delivery fell $16.70 to $1,540.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded in a range as high as $1,551.40 and as low as $1,516.20. The spot gold price fell over $15 for the day.

A temporarily stronger U.S. dollar put some pressure on gold and silver prices Tuesday, as the U.S. dollar index climbed 0.04 percent to $73.09.

Also surprising the market was the decision by India to boost their interest rates by 50 basis points to fight inflation. That puts the lending rate their at 8.89 percent, and the overnight lending rate at 7.25 percent.

Silver fell another $3.49 Tuesday to settle at $42.576 per troy ounce on the Comex division of the Nymex.

Most of pressure on silver prices has come from the CME Group decision to raise margin requirements by 11.6 percent, starting at the close of market on Tuesday.

Gold looks like it's just taking a needed breather before resuming its upward run.

Gold stocks have been overall lagging the price of gold, and that should change assuming the costs of inputs remain lower than the push up in gold prices.

A growing number of gold miners are increasing dividends to attract investors.

Market Vectors Junior Gold Miners (GDXJ) closed at $37.92, falling $1.82, or 4.58 percent.

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.

Central (GTU) (GLL) (UGL) (GLD) (GDX) (GDXJ) Trade Mixed as Gold Price Breaks Records Again

Central Gold Trust (AMEX:GTU), ProShares UltraShort Gold (NYSE:GLL), ProShares Ultra Gold (NYSE:UGL), SPDR Gold Trust (NYSE:GLD), Market Vectors Gold Miners ETF (NYSEArca:GDX) and Market Vectors Junior Gold Mine(NYSEArca:GDXJ) closed mixed Friday as gold price records continue be broken.

Gold futures soared past $1,550 an ounce Friday as investors looked for an alternative to the U.S. dollar, which continues to collapse.

The most-actively traded gold contract, for June delivery climbed $25.20, or 1.6 percent, to settle at a record $1,556.40 a troy ounce on the Comex division of the New York Mercantile Exchange.

It roared past its intraday peak to $1,569.80 in electronic trading after the close. May gold rose $25.20, or 1.6 percent, to end at a nearby record $1,556.00. Measured by percent and the U.S. dollar, it's the largest monthly gains since November 2009.

Most-active July silver jumped $1.058, or 2.2%, to a record settlement of $48.599 a troy ounce, while the May contract rose $1.064, or 2.2 percent, to $48.584, just short of its all-time settlement high of $48.70 hit on January 17, 1980. In April, the May silver contract rallied $10.712, or 28.3 percent, to its biggest monthly U.S. dollar gain in Comex history.

The ICE Futures U.S. Dollar Index was down 0.2 percent on Friday, increasing demand for the dollar-denominated precious metals by making them less expensive for foreign buyers.

Inflation concerns in America, Europe, China and Russia also has contributed to the jump in gold prices.

Other factors affecting gold and silver are the collapsing U.S. dollar, sovereign debt crisis in Europe, unrest in the Middle East and consequences of the Japanese earthquake.

Central Gold (GTU) (GLL) (UGL) (GLD) (GDX) (GDXJ) Close Mixed as Gold, Silver Break Records

ProShares UltraShort Gold (NYSE:GLL), ProShares Ultra Gold (NYSE:UGL), SPDR Gold Trust (NYSE:GLD), Market Vectors Gold Miners ETF (NYSEArca:GDX), Market Vectors Junior Gold Mine(NYSEArca:GDXJ) and Central Gold Trust (AMEX:GTU) closed mixed Thursday even as silver and gold prices broke all-time records. It appears investors are taking some profits off the top.

Gold prices soared while silver prices climbed Thursday as investors bought the metals against a weak dollar and higher inflation expectations.

Gold for June delivery settled $14.10 higher at $1,531.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price soared to a record intra-day level of $1,538.80 an ounce while the spot gold price rose $6.90.

Silver prices for July moved up $1.55 to settle at $47.54 an ounce.

Spot silver jumped almost 4 percent Thursday to an all time high at $49.51 an ounce, surpassing the previous record set in 1980.

The ICE Futures U.S. Dollar Index was down 0.4 percent. The collapsing greenback aided dollar-denominated gold and silver by making them less expensive for foreign buyers, generating more demand.

Ultra Silver (AGQ) (ZSL) (GLD) (GDX) Close Mixed as Gold, Silver Soar Again

ProShares UltraShort Silver (NYSE:ZSL), ProShares Ultra Silver (NYSE:AGQ), iShares Gold Trust (NYSE:GLD) and Market Vectors Gold Miners ETF (NYSEArca:GDX) closed mixed Wednesday as silver continues its upward climb and gold to break records on almost a daily basis.

After surpassing the $45 level Wednesday, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record. Silver traded between $43.835 and $45.400.

Gold prices roared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

Gold and silver prices continue to surge on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index fell 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of the outlook of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Market Vectors Gold Miners ETF closed Wednesday at $62.10, up $0.46, or 0.75 percent. iShares Gold Trust closed at $146.50, gaining $0.57, or 0.39 percent. ProShares Ultra Silver ended the trading day at $37.63, jumping $15.44, or 5.06 percent. ProShares UltraShort Silver closed at $15.78, falling $0.89, or 5.34 percent.

UltraShort Gold (GLL) (GDXJ) (UGL) (SLV) Close Mixed as Gold, Silver Soar Again

iShares Silver Trust (NYSE:SLV), ProShares UltraShort Gold (NYSE:GLL), ProShares Ultra Gold (NYSE:UGL) and Market Vectors Junior Gold Mine(NYSE:GDXJ) closed mixed Wednesday as silver continues its upward climb and gold to break records on almost a daily basis.

After surpassing the $45 level Wednesday, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record. Silver traded between $43.835 and $45.400.

Gold prices roared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

Gold and silver prices continue to surge on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index fell 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of the outlook of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Market Vectors Junior Gold Mine closed Wednesday at $41.53, up $0.86, or 2.11 percent. ProShares Ultra Gold closed at $77.86, gaining $0.53, or 0.69 percent. ProShares UltraShort Gold ended the trading day at $24.35, falling $0.18, or 0.73 percent. iShares Silver Trust closed at $44.12, rising $1.12, or 2.61 percent.

Look To (ZSL) (AGQ) (SLV) (GLL) (UGL) (GLD) as Gold, Silver Continue Climb

If you like what you see with gold and silver, as gold hits record prices and silver continues to move toward its all-time high while surpassing 31-year highs almost daily, then you may want to look toward investment vehicles like ProShares UltraShort Silver (NYSE:ZSL), ProShares Ultra Silver (NYSE:AGQ), iShares Silver Trust (NYSE:SLV), ProShares UltraShort Gold (NYSE:GLL), ProShares Ultra Gold (NYSE:UGL) or iShares Gold Trust (NYSE:GLD).

Gold and silver miners on the other hand are more volatile and include a lot of other elements typical of any company, such as management quality, debt, and numerous other factors.

That's not to say you won't make money with miners, as a number of them have been shooting up with the price of the precious metals, albeit usually trailing the movements.

Gold is trading over $1,500 an ounce and silver over $45 an ounce a little after 12:00 PM EDT.