NEW YORK (TheStreet) -- Here are this week's winners and losers.


iShares Silver Trust

(SLV) - Get Report


The precious metals industry proved to be a big winner this past week as funds including SLV,

Market Vectors Junior Gold Miners ETF

(GDXJ) - Get Report


PowerShares DB Precious Metals Fund

(DBP) - Get Report

all headed higher.

SLV will be interesting to watch in the days ahead. The fund's climb during the shortened week has brought it back to its 50-day moving average. Since tumbling below this point in early May, it appears to have become an area of short- term resistance.

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iPath Dow Jones UBS Sugar Subindex Total Return ETN

(SGG) - Get Report


The futures-tracking sugar ETN enjoyed a notable gain over the course of this shortened week, as rising food prices remained on the minds of many investors.

SGG's breakneck ascension is extending into a third month. During this period, the product has managed to recover nearly all of the ground lost during its early 2011 downturn and appears on track to revisit previous all time highs.

Although it may be tempting to dive into SGG at this time, cautious investors should know that these single commodity ETNs are inherently volatile.

iShares MSCI Thailand Investable Market Index Fund

(THD) - Get Report


Thailand's markets marched higher this week, following the results of the country's national elections.

Although THD was the leader this week, it is not the only Southeast Asian nation that has enjoyed strength. The

Market Vectors Indonesia ETF

(IDX) - Get Report


iShares MSCI Malaysia ETF

(EWM) - Get Report

are currently trading near 2011 highs.


iShares MSCI Italy Index Fund

(EWI) - Get Report


Italy's markets enjoyed a welcomed rally during the closing days of June as tensions surrounding the Greek debt crisis eased. Heading into the second half of the year, however, fears apparently have returned causing EWI to give back all of those gains. The

iShares MSCI Spain Index Fund

(EWP) - Get Report

was another big loser this week in the EU.

Warren Buffett warned in an interview late last week that the EU still has a lot of work to do to solve its current crisis. Investors should continue to use extreme caution here.

Market Vectors Solar Energy ETF



The solar energy industry ran into trouble this week, pushing KWT to notable losses. The global market's shaky action over the past few weeks is troublesome in this inherently volatile part the energy sector. As regions including the U.S. and EU struggle to reign in their respective debt issues, alternative energy subsidies remain threatened.

TAN and KWT are not funds for the faint of heart. Any exposure should be kept small and focused in order to avoid taking a heavy hit.

United States Natural Gas Fund

(UNG) - Get Report


A solid performance on Friday was not enough to keep the futures-backed UNG off of this week's losers list. The Energy Information Administration's weekly storage report proved to be a major drag on the fuel source; over the past week, the agency found that stockpiles had increased by more than expected.

Although I continue to urge investors interested in tracking natural gas to turn to equity-backed options like the

First Trust ISE Revere Natural Gas Index Fund

(FCG) - Get Report

in the days ahead, those watching UNG will want to keep a close eye on the $10.50 level. Since breaking above this level in mid-March, the fund has bounced off this level on four separate occasions.

Written by Don Dion in Williamstown, Mass.


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At the time of publication, Dion Money Management owned the iShares MSCI Malaysia ETF and Market Vectors Indonesia ETF.