Welcome to Don Dion's Daily ETF Winners and Losers. Be sure to stop by each day to get a feel of who's winning and who's losing when it comes to ETFs.

Winners

iPath Dow Jones UBS Natural Gas Subindex Total Return ETN ( GAZ) 3.6%

The futures-linked GAZ is gaining ground today. Interestingly, fellow natural gas futures fund, the United States Natural Gas Fund ( UNG) is seeing considerably smaller gains. As I've explained in the past, this disconnect can largely be attributed to GAZ's premium, which currently stands at nearly 6%.

iShares Silver Trust ( SLV) 2.5%

Silver prices are making a comeback from yesterday's dip, snapping SLV's recent two-day slide.

As we witnessed over the past week, silver continues to be a wildly volatile commodity and, therefore, funds like SLV must be approached with caution.

Fellow members of the precious metals spectrum are seeing less pronounced action. ETFS Physical Palladium Shares ( PALL) and the iShares Gold Trust ( IAU) are both seeing slight losses.

iPath S&P 500 VIX Short-Term Futures ETN ( VXX) 0.8%

Factors such as this morning's CPI report are pushing the market lower today, raising investor concerns. This bout of weakness is helping to lift fear-based VIX ETNs, including VXX and iPath S&P 500 VIX Mid Term Futures ETN ( VXZ).

Losers

iShares MSCI Turkey Investable Market Index Fund ( TUR) -5.2%

Thursday's gains helped to lift the Turkey ETF back up to its 50-day moving average. TUR is struggling to capitalize, however, and is currently heading lower.

A combination of political tension sweeping the Middle East and Northern Africa, and economic troubles in Europe, are helping to stir volatility in the Turkish marketplace.

The iShares MSCI Thailand Investable Market Index Fund ( THD) is another notable emerging market decliner.

iPath Dow Jones UBS Coffee Subindex Total Return ETN ( JO) -2.9%

Coffee prices are taking a shot today, pushing the futures-based JO to notable losses. Comments from coffee heavyweight, Starbucks ( SBUX) are likely helping to pressure the bean's price. On Friday, the company's president explained that he expects coffee's price to fall.

As I've explained previously, funds like JO, which track a single crop or commodity, tend to behave in a volatile manner. Therefore, they are not ideal for conservative, long-term investors.

iShares MSCI Spain Index Fund ( EWP) -2.6%

A number of the Europe-linked ETFs are taking hits as we approach the week's close. EWP and iShares MSCI Austria Investable Market Index Fund ( EWO) are some of the top decliners.

Weakness can be felt in other corners of the developed world as well. iShares MSCI Japan Index Fund ( EWJ) looks prepared to close out the week with losses.

All prices as of 2:16 PM EST
At the time of publication, Dion Money Management was long IAU, TUR, THD.