NEW YORK (TheStreet) -- Welcome to Don Dion's "ETF Winners and Losers." Be sure to stop by throughout the week to find out which ETFs are gaining or losing.

Winners

iShares Silver Trust

(SLV) - Get Report

3.2%

Silver prices are bouncing following Thursday's industry-leading decline. Gold is trekking higher as well, recovering some of the ground lost during its mid-week slide.

The strength is not sweeping, however.

ETFS Physical Palladium Shares

(PALL) - Get Report

is relatively unchanged as investors express hesitance towards inherently volatile shiny commodity.

Meanwhile, base metals are strengthening, as indicated by the upward action seen from the

PowerShares DB Base Metals Fund

(DBB) - Get Report

, which tracks futures contracts linked to copper, aluminum, and zinc.

iShares MSCI Russia Capped Investable Market Index Fund

(ERUS) - Get Report

2%

After two days of losses pushed them to their 50-day moving averages, Russia-tracking ETFs including ERUS and

Market Vectors Russia ETF

(RSX) - Get Report

are bouncing higher.

The gains from these energy-heavy products are impressive considering the weakness in crude. Despite breaking through the $100 mark earlier in the week, the closely watched commodity has retreated a bit, falling back below this level. The

United States Oil Fund

(USO) - Get Report

is off over 1% heading into the weekend.

iShares MSCI Italy Index Fund

(EWI) - Get Report

1.9%

After Thursday's weak action, the markets appear to be on track to end the week on a mixed note. Internationally, Europe is seeing gains as investor sentiment swings from headline to headline.

EWI and the

iShares MSCI Spain Index Fund

(EWP) - Get Report

are leading, but conservative investors should steer clear of this troubled region.

Losers

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN

(GAZ) - Get Report

--3.1%

Oil is not the only energy resource heading lower as we approach the weekend. Natural gas is faltering as well. GAZ and the

United States Natural Gas Fund

(UNG) - Get Report

are surrendering all of the gains from Thursday's trading session. Both appear on the verge of locking in all-time lows.

The equity-backed

First Trust ISE Revere Natural Gas Index Fund

(FCG) - Get Report

is relatively unchanged at this time.

iPath S&P 500 VIX Short Term Futures ETN

(VXX) - Get Report

-3.1%

Although it has managed to remain buoyed above its 50-day moving average, the fear-tracking VXX is struggling to surpass previous November lows.

Meanwhile, the same moving average is proving to be a point of resistance for the VIX index. This decline marks the third time that it has failed to surpass the level since the start of the month.

iShares S&P North American Technology-Software Index Fund

(IGV) - Get Report

-1.6%

A three-day streak of losses has pushed the software-tracking IGV to new November lows. Looking ahead, it will be interesting to see if the fund will continue to fall. Prior to its October breakout, the fund spent weeks struggling to rise above $56.

All prices as of 2:14 PM EST

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management did not own any equities mentioned.