PBUG News and Press, Barclays Bank PLC ZC SP ETN PERPETUAL USD From 11/08/22

Summary As users of government-issued fiat currency, we have little choice but to trust policymakers’ economic and financial decisions, which may significantly impact the value of our money. The amount of money the U.S. government pays on interest alone now exceeds its defe...

Summary The Governor of the Dutch central bank stated the gold revaluation account ensures the solvency of his central bank in an interview on television about prospective losses. In recent years, Quantitative Easing (QE) has made DNB, and all other NCBs, create an abundance in ba...

Summary The Fed’s recent dollar and gold shock is ending. After hiking 375 basis points in six FOMC meetings, Fed officials are running out of room to keep going. Their federal-funds rate is nearing terminal-level projections, leaving little room for more hawkish surprises....

Summary Rising and positive real yields continue to be a major headwind for gold over the short term. However, this move in higher real yields is likely only temporary. From a technical, positioning and sentiment standpoint, we appear to be nearing an excellent long-term contraria...

Summary The gold market enters trading for the month of November on a losing streak. The primary fundamental impediment to higher metals prices is the lack of any respite from Federal Reserve rate hikes. Over time, gold prices respond inversely to the cumulative destruction of...

Summary Gold demand (excluding OTC) in Q3 was 28% higher y-o-y at 1,181t. Year-to-date (y-t-d) demand increased 18% vs. the same period in 2021, returning to pre-pandemic levels. Central banks continued to accumulate gold, with purchases estimated at a quarterly record of nearly 4...

Summary Swaps increased net shorts over the month which helped drive total net positioning slightly higher. There has never been a downward move like the recent one. The Fed might be dialing back the hawkish talk this week which could be the soft pivot that marks a bottom in t...

Summary The process of a major change in the macro backdrop is just, a process. It takes more time than many may find convenient. But slowly the macro is shifting away from inflation, risk 'on' and cyclical in favor of counter-cyclical. We have stated and proven over the years...

Summary Will the fourth 75 basis-point rate hike be the last major rise before the Fed downshifts in December? Next week’s FOMC decision is widely expecting a unanimous vote for one last major rate increase. Inflation has hit double-digits and remains the ECB’s numbe...

Summary Gold and gold stocks are entering their strongest seasonal span of the year. Gold’s big winter rally is fueled by outsized demand first from holiday jewelry buying, then investment buying. Gold and its miners’ stocks have strong tendencies to rally big betwee...