DBP News and Press, Invesco DB Precious Metals Fund From 12/11/22

Summary I am structurally bullish on gold and oil with a multi-year timeframe. Between the two, gold likely has the advantage fundamentally and in terms of current momentum over the next 6-12 months. This is part of our Stock Waves' "Where Fundamentals Meets Technicals" short-form t...

Summary Gold stocks are surging back, mean reverting out of recent extreme stock-panic-grade lows. They are nicely amplifying gold’s parallel upleg, which has been fueled by big gold-futures short covering. With the Fed out of room to keep shocking markets with its extreme tighte...

Summary Going forward, this interplay between inflation and central bank intervention will be key in determining the outlook for 2023 and gold’s performance. In the US, markets expect the Fed to start cutting rates in the second half of 2023. If 2023 is to bring us a mild rec...

Summary Most people do not know how to properly invest in metals. The market has been in a two-year consolidation. We're seeing signs that the consolidation is almost done, and a major rally is about to begin. When I was younger, I was taught that if you cannot say somethi...

Summary Gold is commonly considered to be a safe-haven asset and a hedge against risky assets like stocks. Year-to-date, gold has not behaved like the risk-off asset some expected. That could be due to interest rates or the U.S. dollar, but the bigger question is if gold is a low-ri...

Summary Expectations surrounding central bank policy, China’s gradual reopening and a lower US dollar are key to investor sentiment in the final stretch of 2022. Central banks have increased interest rates at the fastest rate on record, and there are signs that higher yields are ...

Summary Energy prices are likely to underperform other commodities in coming months. Commodities generally have likely entered an extended period of depressed returns. A resumption in the decline of commodity prices, especially oil, suggest that we are entering a new, deflationary p...

Summary Many times over the years, we’ve argued that gold and the world’s most important equity index (SPX) are at opposite ends of a virtual investment seesaw. During long periods when trust/confidence is high or trending upward, increases in the money supply will t...

Summary This market action has led to the fourth Spec short squeeze in as many months in COMEX gold and silver. The near-the-money calls have far more open interest than puts. COMEX gold has successfully reversed the breakdown out of its 2-year range between $1,700 and $2,000....

Summary In the short-term gold still has downside risk due to rising interest rates and the possibility of collapsing asset markets triggering a liquidation event. Some investors are disappointed by gold’s performance this year because the price in dollars is down while con...