Gold and silver exchange traded funds fell along with the euro Wednesday amid a sharp bout of risk aversion heading into the end of the year.

SPDR Gold Shares (NYSEArca: GLD) fell 1.3% while iShares Silver Trust (NYSEArca: SLV) shed nearly 4%.

The gold ETF has weakened after a recent failed attempt to break above its 200-day moving average.

SPDR Gold Shares was up 11.7% year to date heading into Wednesday’s action.

Trading was thin Wednesday between the holidays with many traders on vacation, which could have driven the pronounced moves.

Gold ETFs have been moving more closely with riskier assets such as stocks, causing some to question their safe-haven status. Yet gold bulls think the recent correction is a normal pause for breath, and that the metal is heading to new record highs in 2012. [Can Gold ETFs Push to a New Record High in 2012?]

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