DBP News and Press, Invesco DB Precious Metals Fund From 10/18/22

Summary Bear markets create opportunities for much greater and much faster profits than bull markets. So far in 2022, investors have sold everything, especially in recent months: stocks, bonds, gold, currencies, real estate, art, etc. This is common to the way that bear markets be...

Summary Farmland Partners, a real estate investment trust, was trading at $6.40 the day before the first article was published. Gladstone Land's stock price rose from $13.57 to $17.83 while paying $1.08 of dividends, which provided investors with a 38% gain. The best lesson is...

Summary The Fed continues to emphasize that they plan to stay the course on rate hikes to reduce inflation back down to 2%, which is virtually impossible given that inflation is a supply-side phenomenon. Performance of the monetary metals since the FOMC rate hike on September 21 h...

Summary The UBS Constant Maturity Commodity Index and other commodity index strategies slumped during September. CMCI declined by 5.5% in September but remains up 8.4% year-to-date. The Bloomberg Commodity Index declined by 8.1% in September and remains up 13.6% year-to-date. ...

Summary The gold market was overwhelmed by the relentless strength of the dollar during September. Many companies are expecting cost inflation to persist into 2023, with little visibility beyond. If a gold catalyst emerges, gold stocks stand to gain from oversold levels. One s...

Summary We examine the history of gold relative to commodity prices and production levels, stock prices, bond yields, and earnings from a number of angles. Gold typically leads cycles in commodities, corporate earnings, and yields by about sixteen months. Gold's current declin...

Summary While we await the eventual central bank pivot back toward easing and QE, COMEX digital gold and silver have been whacked, cracked, and shellacked. There's a lot going on behind the scenes in the commodity markets. For example, crude oil demand should be falling with the g...

Summary We maintain our intermediate-term bearish bias and think it makes sense to pursue short-term shorts, as well. Shorting stocks is a difficult and complicated proposition. Typical action would see oil back above $100 bbl pretty easily, with a run toward $120 certainly wi...

Summary The US, UK and Europe now report ‘official’ inflationary figures at around 9% to 10%. The Bank of England blinks and purchasers more bonds, which could herald in a new phase of quantitative easing. In the coming months we anticipate that the Feds along wi...

Summary Over the last two weeks Federal Reserve officials delivered 37 speeches, all of the speakers competing to see who could be the most hawkish. The big problem with the Fed’s plan to kill inflation by reducing economic growth and raising the unemployment rate is that t...