PBUG News and Press, Barclays Bank PLC ZC SP ETN PERPETUAL USD From 10/09/22

Summary Gold dropped 2.6% in September on the back of the twin headwinds of a surging US dollar and higher bond yields. Gold remained resilient despite these challenges alongside pressure from futures net shorts and ETF outflows. The US dollar surge has been a major headwind f...

Summary Managed Money continues to hammer the price of gold lower as the Net Short position increased to -43k contracts. Gold: While Managed Money grows more pessimistic on the metal, the overall market continues to shrink. Managed Money has also absolutely hammered silver low...

Summary YTD, the S&P 500 is now down 24% while bonds have their own double-digit losses. Like stock valuations, currency valuations aren’t great timing tools but over a 3-year period after becoming undervalued, the outperformance is strong. Consumer defensive stocks...

Summary Gold, and the rest of the precious metals space, has curiously been outperforming equities, bonds, and cryptocurrencies of late. Precious metals have been battered by a strong U.S. dollar and rising rates for months running. Could the strength in precious metals be pri...

Summary Investors get this wrong about gold. How to really play gold in this environment. ETF outflows and central bank purchases dwindle. No end in sight to Ukraine and Europe's problems. The threat of civil unrest is rising. ...

Summary The sector fundamentals, including gold's 'real' commodity adjusted price, are coming into place. The macro fundamentals, including gold's 'real' stock market adjusted price, are coming into place. Daily chart technicals are another matter and despite the positive fund...

Summary Similar to gold and silver, platinum has seen a much higher delivery volume since the pandemic struck in 2020. While platinum and gold continue to flash warning signs, the silver market has been (seemingly) left for dead. The data from Comex continues to point to a phy...

Summary Gold is down only around 9.5% for the year, despite surging bond yields and despite the U.S. dollar being at its strongest level ever relative to other major currencies. When we price it in other world currencies, gold has done even better since many currencies have declin...

Summary Inflation as measured by government indices (e.g., CPI, PCE Deflator) is a lagging indicator of true inflation. True inflation is defined as the loss of purchasing power of a currency. Right now that is just not the case: the dollar is soaring against nearly every currency...

Summary Inflation-adjusted interest rates are rising, rapidly. The lightning surge in real yields has a wide range of implications for macro and markets - a change that is now front and center for monitoring risk factors. As real yields rise further, the allure of locking in h...