Despite concerns over inflation, the last week hasn’t been particularly good for commodity prices. The snapshot below from our Trend Analyzer shows major commodity-related ETFs and where they’re trading relative to their trading ranges. Over the last five trading days heading into today, all of the commodities in the snapshot are down, but the biggest losers by far are the gold and other precious metals-related ETFs.The top six ETFs listed in the snapshot below are all tied to either gold or other precious metals and they’re all down over 4% in the last week. Of the other eight ETFs shown, just two are down even more than 2%.

While it has been a rough week for commodity-related ETFs, outside of the gold and precious metal ETFs, it’s been a great year with gains ranging from 6.5% for the DB Agriculture Fund (DBA) to 23.25% for the DB Oil Fund. The gold ETFs, meanwhile, are all down close to 10% while the Precious Metals ETF (DBP) has dropped almost 8% and the Silver Trust (SLV) is barely up (0.12%).

Looking at where each ETF is trading relative to its trading range, it’s been a tale of two markets as well. While most of the ETFs shown are in overbought territory or at least still above their 50-DMAs, the gold and precious metals ETFs are all at ‘extreme’ oversold levels. What happened to all the gold bugs?