Gold and silver exchange traded funds fell Thursday on reports investors were taking profits in precious metals to offset losses elsewhere in their portfolios on Eurozone debt concerns.

Metals ETFs were lower Thursday along with stocks while in Europe, Spanish bond yields climbed after a lackluster bond auction. [Bank ETFs Slide on Fitch Warning as Spain Yields Rise]

Meanwhile, credit default swaps on Spanish and French debt rose to record levels, Bloomberg reported. “Spain seems to be in the firing line,” said Roger Francis, a strategist at Mizuho Securities in London. “Financials are taking a beating.”

“The bark in the Eurozone and the spat between Germany and France is pulling gold down,” Credit Agricole analyst Robin Bhar told Reuters. “It is a bit surprising that gold continues to act like a risk asset rather than as a safe haven but in the short-term there is more need for dollars rather than need to hold profitable positions in gold.”

Gold’s recent behavior has frustrated some investors because the metal, a traditional safe haven, has at times fallen with other risky assets such as stocks. [Gold ETFs Pause Near $1,800 an Ounce; Goldman Says Stay Long]

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