Over the past few days, headwinds have remained intact. A troubling inflation report set the mood at the start of the week, leading funds like EPI and iShares S&P India Nifty 50 Index Fund ( INDY) to multiday losses. As I noted last week, pure-play India ETFs like these are not the best bets for conservative investors. Instead, those looking to track the emerging-market giant should set their sights on diversified international plays. Market Vectors Junior Gold Miners ETF ( GDXJ) -9.6% It was a rough week across the board for the precious metals industry as ETFs ranging from the equity-based GDXJ to the bullion-tracking iShares Silver Trust ( SLV) ended the week with notable losses. Physical-gold ETFs such as iShares Gold Trust ( IAU) and SPDR Gold Shares ( GLD) will be interesting to watch in the days ahead. The past week's losses have sent both back to their 50-day moving averages. Whether or not this level proves to be a point of support remains to be seen. iShares MSCI Austria Investable Market Index Fund ( EWO) -8.4% Europe's concerns remained in focus, creating turmoil for troubled EU members like Italy and Spain. It was the Austria ETF, however, that ended up leading this week's retreat. France was another notable decliner, as indicated by the standout losses from the iShares MSCI France Index Fund ( EWQ). This week's action is a reminder that, although the media tends to hone in on individual countries when talking the Europe crisis, its impact can be felt across the entire monetary bloc. Conservative investors should steer clear of this region. -- Written by Don Dion in Williamstown, Mass.