Silver prices tumbled below $27 an ounce this week as the Federal Reserve disappointed bullish traders who were looking for further quantitative easing.

Silver ETFs lost more than 6% on the week and are trading near the 2011 lows.

The bottom three unleveraged ETFs this week were iShares Silver Trust (NYSEArca: SLV), ETFS Physical Silver Shares (NYSEArca: SIVR) and U.S. Brent Oil (NYSEArca: BNO) with loses of about 6%.

Elsewhere in commodities, oil prices rebounded somewhat Friday after crude futures dipped below 78 a barrel. Gold fell below $1,600 on ounce this week.

U.S. equity ETFs reversed a two-week winning streak as stocks consolidated some recent gains after the S&P 500 pushed above its 50-day exponential moving average.

The market sold off Thursday, one day after the Federal Reserve extended its so-called Operation Twist program and said it stands ready ease further if the jobs market stumbles. The Fed announcement disappointed some investors who were looking for additional stimulus from the central bank.

The S&P 500 was set for a weekly decline of 0.7% in afternoon trading Friday, while the Dow shed 1% and the Nasdaq Composite gained 0.3%.