Gold and silver miner exchange traded funds took a small respite Friday from a week of heavy losses, bolstered by the glimmer of hope that European leaders will come to a solution on their troubled finances.

Market Vectors Gold Miners (NYSEArca: GDX) lost nearly 7% last week, Market Vectors Junior Gold Miners (NYSEArca: GDXJ) was down 7.7% and Global X Silver Miners ETF (NYSEArca: SIL) was down 7.1%. [Gold Miner ETF Tumbles 6%]

“We hope to see reduced volatility going forward once there is a semblance of clarity coming out of Europe,” MF Global’s senior commodity analyst Edward Meir wrote in a note, reports Murray Coleman for Barron’s.

Investors are worried that the lack of a concerted effort to abate the debt contagion in Europe would impeded global growth and diminish investments in metals. However, traders are trying to get into the markets ahead of the Europe meeting in case they miss out on another rally.

“Clearly, the European authorities are trying to guide the markets away from the expectation that a make-or break session will take place this weekend and are, instead, hoping the markets will give them additional time to get something sorted out,” Meir added.

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