DBP News and Press, Invesco DB Precious Metals Fund From 02/01/23

Summary Delivery volume for February was a little less than half the contracts open at first notice. Since last July, gold has seen more than 10.6M ounces flow out of the vault. Now gold is setting up very similar to silver on a 12-18 month lag. Does this mean that 2023 could start ...

Summary Annual gold demand (excluding OTC) jumped 18% to 4,741t, almost on par with 2011 - a time of exceptional investment demand. 2022 saw a record annual average LBMA Gold Price PM of US$1,800/oz. Indian gold demand remained robust compared with longer-term pre-pandemic levels. ...

Summary My 2023 outlook for the precious metal, gold and silver especially, can be summarized in one word: glitter (pun intended). I see a set of reasons and will elaborate on 3 of them in this article to explain why they are well-positioned to glitter. To make the outlook more acti...

Summary Gold has a negative correlation with expectations for what the Fed is going to do with rates. Just as a weaker dollar is good for the euro and the yen, it’s typically good for gold too. Expectations of higher rates tend to hurt gold whereas expectations for lower rate...

Summary The first data point in favor of further gains to come is that the rally began on Nov 3 at 1618, when the Fed confirmed the pivot. The current daily RSI is extremely overbought and negatively divergent. Sentiment and the daily and weekly technical indicators make a strong ca...

Summary Why gold is defying expectations as it climbs towards $2,000. How China is using gold for its reserve currency ambitions. The risk investors may face as gold prices climb. The price of gold has been on a steady climb upward this year, despite a negative bac...

Summary Gold had gotten hung up on $1800 many times over the last few years. Silver led gold higher and then got trapped around the $24 mark in mid-December. Even though the consolidation in gold and silver lasted more than two years (Aug 2020-Dec 2022), markets always need time to ...

Summary Gold deliveries in January have reached 6,327 contracts with only 178 remaining in open interest. While this fell shy of the last five minor months, there are a few signs that are noteworthy. The market remains in strong contango with the highest spreads seen since at least summ...

Summary Gold prices have surged over the past two months with expectations that the US Federal Reserve will slow its interest rate rises. We have increased our 2023 price outlook slightly based on the faster-than-expected pivot in US interest rate policy and the return of Chinese demand...

Summary Silver demand growth from solar installations is about to take off as module prices are forecast to fall and production to surge with massively increased polysilicon production. Lower intensity of silver usage in solar modules is forecast to decline at a slower pace, causing thi...