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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...
Summary India is almost in the middle of its annual festive season, when demand for gold and silver peaks. Global bullion prices currently range about $1,700 an ounce, with a net drop of around 8% in dollar terms in CY2022. Indian gold rates are influenced mainly by US interes...
Summary Due to the Fed's rate hike regime, the Dollar Index has been rallying since the summer of 2021. A drop below the 50-day and then 110 would signal that the uptrend has been broken. One should expect the U.S. Dollar Index to anticipate the eventual Fed policy reversal an...
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Credit Suisse X-Links Gold Shares Covered Call ETN Company Name:
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MLPB: linked to the Alerian MLP Infrastructure Index, Series B AMNA: linked to the Alerian Midstream Energy Index AMND: linked to the Alerian Midstream Energy Dividend Index MLPR: linked to the Alerian MLP Index BDCZ: linked to the MarketVector US Business Develo...
HDLB: linked to the Solactive US High Dividend Low Volatility Index Series B SMHB: linked to the Solactive US Small Cap High Dividend Index Series B PFFL: linked to the Solactive Preferred Stock ETF Index CEFD: linked to the S-Network Composite Closed-End Fund Index MVRL: ...
UBS Group AG announced on May 31, 2024, that it has completed the merger of UBS AG and Credit Suisse AG (the “ Parent Bank Merger ” or “ PBM ”). At the effective time of the PBM, Credit Suisse AG was deregistered in the Commercial Register of the Canton of ...