DB Gold Double Short ETN (DZZ) - NYSEARCA
  • Sep. 6, 2013, 8:50 AM
    • The headline payroll number is a miss of just 11K jobs, but the combined revisions downward for June and July sum to 74K positions.
    • Unemployment, however, declined to 7.3% thanks to a fall in the labor force participation to a 35-year low of 63.2% from 63.4%. The broader U-6 unemployment rate falls to 13.7% from 14% in July, 14.6% a year ago. The employment-to-population ratio slips to 58.6% from 58.7%.
    • Average workweek climbs 0.1 hour to 34.5 hours. Average hourly earnings climbs $0.05 to $24.05.
    • A look-in on gold finds the price rallying post-report, GLD +1.4%.
    • Gold ETFs: .GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
    | Sep. 6, 2013, 8:50 AM
  • Sep. 3, 2013, 2:22 PM
    | Sep. 3, 2013, 2:22 PM | 1 Comment
  • Sep. 3, 2013, 10:00 AM
    • Investors pulled a record-breaking $15B from ETPs globally in August, according to BlackRock (BLK). The previous record was $13.4B in January 2010.
    • A loss of $5.3B for fixed-income funds doesn't necessarily reflect the exit from bonds as short-maturity ETFs like BSV and BKLN saw inflows.
    • Another notable area for inflows were European equity funds like VGK and EZU which saw $4.7B in fresh cash as the EU economy finally pulled out of a recession.
    • European equity ETFs: EZU, VGK, FEZ, EPV, IEV, ADRU, FEP, FDD, UPV, EPV, DFE, FEU, FEEU Bonds: EU.
    • Gold's outflow's of $687M suggests a cautious stance, but it's a long way from the panic of earlier - YTD exits now sum to over $31B.
    • Gold ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
    | Sep. 3, 2013, 10:00 AM
  • Aug. 29, 2013, 12:20 PM
    • Linking Syrian strongman Bashar Assad or his inner circle to the recent chemical weapons attack is no "slam dunk," according to several U.S. officials, reports the AP. The intercept of Syrian military officials discussing the chemical strike was among low-level staff, say the sources, with no direct evidence tying it even to a senior commander, let alone Assad.
    • Maybe of more concern is who actually has control of Syria's chemical weapons stores. A report outlining the evidence against Assad says the intelligence community no longer has the same certainty it had 6 months ago as to where the regime's chemical weapons are stored.
    • Separately, the NYT reports U.S. officials as saying there's no "smoking gun" linking Assad to the attack.
    • This walking back from the ledge of military action is maybe helping stocks, with the Nasdaq 100 (QQQ +1%) and S&P 500 (SPY +0.5%).  Gold (GLD -0.7%) and oil (USO -0.2%) fall back.
    • Index ETFs: IVV, SPY, VOO, RWL, SFLA, SSO, UPRO, SDS, SPXU, SH, EPS, RSP, BXUB, BXUC, BXDBQQQ, QQEW, TQQQ, QID, SQQQ, PSQ, QLD, QQQE.
    • Oil and gold: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTIBNO, UOIL, DOILGLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
    | Aug. 29, 2013, 12:20 PM
  • Aug. 28, 2013, 1:42 PM
    • Gold's had a nice run, but any further move higher in price should be capped by rising real interest rates, says Nomura. Previous research has shown a nearly one-to-one negative relationship between the direction in real interest rates and the price of gold. Only a "material change" to U.S. growth expectations or what is thought to be the path of QE tapering could reignite gold's bull market, says the team.
    • Nomura also notes the deteriorating capital account situation in emerging markets. Money used to defend the currency can't be used to purchase precious metals.
    • Bankruptcy lawyer humor of the day: "If you're looking for any junior mining CEOs, check my reception area."
    • Higher earlier, gold is flat on the session at $1,420 per ounce.
    • GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDIGDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    | Aug. 28, 2013, 1:42 PM | 6 Comments
  • Aug. 27, 2013, 7:35 AM
    • Tension over Syria is today's excuse for buying as the metal pops 1.6% to $1,415 per ounce. Gold's now up about 18% from its late-June low in the $1,200 area. GLD +0.9% premarket.
    • Technician Michael Kahn looks at his charts and says gold broke through key resistance last week and now has its sights set on its former price floor of $1,542.
    • Silver's support and resistance levels are not as well defined, says Kahn, but the metal up is tandem with gold this morning, +1.5% to $24.10 per ounce. SLV +0.15%.
    • Precious metal ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDISLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.
    | Aug. 27, 2013, 7:35 AM
  • Aug. 26, 2013, 1:13 PM
    • Gold ETFs saw inflows equivalent to 4.7 tons of the metal last Friday, according to Bloomberg - the highest recorded since last November.
    • Also, notes Commerzbank, speculative investors increased their net long positions in gold by 28% to a 3-week high of 48.4K contracts in the week ended August 20. Net longs in sliver jumped 41% to 16.2K contracts.
    • Rising geopolitical risk in North Africa and the Middle East may be boosting demand, but these sorts of boosts tend to be temporary in nature, says Barron's Teresa Rivas. Maybe of more interest are recent Fed minutes and speakers at Jackson Hole suggesting a September taper is not yet a done deal.
    • Gold punched through 1,400 earlier in the session, but is now down a hair at $1,393. Silver's up 1.3% to $24.10.
    • Related ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDISLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.
    | Aug. 26, 2013, 1:13 PM | 5 Comments
  • Aug. 26, 2013, 4:51 AM
    | Aug. 26, 2013, 4:51 AM | 2 Comments
  • Aug. 23, 2013, 3:35 PM
    • With Labor Day nearing, an 8-week rally has taken gold right back to its Memorial Day level, with a big move today (GLD +1.6%) bringing the yellow metal within cents of $1,400 per ounce.
    • It's been a great run, but Weeden's Michael Purves is advising clients to take profits on a bullish options strategy he drew up just 10 days ago. He notes "considerable resistance" at the $1,410 level, and is "approaching the next leg of this rally with some caution."
    • The late-summer move in silver (SLV +4%) is even more impressive and it's returned back to levels seen at the start of May.
    • GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDISLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.
    | Aug. 23, 2013, 3:35 PM | 4 Comments
  • Aug. 23, 2013, 4:26 AM
    • The recent increase in the price of gold, which has climbed by over 14% since dropping to almost $1,200 an ounce in June, has a strong basis and is set to continue, analysts believe.
    • Some of the reasons for bullion's rise include heavy demand in Asia - and particularly India, where the insatiable appetite for gold is doing nothing to help the country's current account deficit - turmoil in emerging markets, high-priced U.S. equities and the under-performance of commodities in general.
    • Another factor is a possible future constraint on supply as miners cut back on projects because gold has become more expensive to produce than it's worth.
    • Gold futures are now +0.3% at $1,375.50
    • ETFs: GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING, GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI
    | Aug. 23, 2013, 4:26 AM | 4 Comments
  • Aug. 19, 2013, 12:27 PM
    • The SPDR Gold Trust (GLD -0.5%) last week saw its first net share creations since February, according to State Street data. Net inflows of $193M were tiny compared to over $40B in assets, but come after more than $20B in outflows YTD.
    • Commerzbank says the inflows have continued in the few days since the end of the last data compilation date.
    • Gold's taking a breather from its recent run, off 0.45% to $1,365 per ounce.
    • Related ETFs: IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
    | Aug. 19, 2013, 12:27 PM | 4 Comments
  • Aug. 15, 2013, 1:43 PM
    | Aug. 15, 2013, 1:43 PM | 10 Comments
  • Aug. 15, 2013, 7:12 AM
    • The largest investor in the SPDR Gold Trust (GLD), Paulson & Co. cut its holdings by more than half to 10.2M shares in the quarter ended June 30. It's the first cut since 2011 and came "due to a reduced need for hedging," says the firm in an emailed response to questions.
    • Funds run for George Soros and Daniel Loeb sold their entire GLD stakes in Q2.
    • As for gold miners (GDX), Paulson sold its call options on Barrick Gold (ABX), but maintained stakes in Agnico Eagle (AEM), Allied Nevada (ANV), and Iamgold (IAG). Holdings in Freeport-McMoRan (FCX) were boosted to 15.5M shares from 9M.
    • Sources: 13F, Previous 13F
    • Related ETFs: IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING.
    | Aug. 15, 2013, 7:12 AM | 10 Comments
  • Aug. 13, 2013, 8:14 AM
    • Contrarian gold bulls trying to time a bottom for the metal may want to keep an eye on the operations U.K. pawnbroker H&T. Its Gold Bar chain of stores set up to take advantage of the metal's bull market is down to 5 outlets from 55 a year ago, with CEO John Nichols expecting to shutter the last 5 within the next year.
    • If gold perks up again, so will the stores.
    • The stock is off 55% YTD and nearly 70% from a peak 2 years ago (at about the same time gold was peaking).
    • Gold ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
    | Aug. 13, 2013, 8:14 AM | 4 Comments
  • Aug. 13, 2013, 7:16 AM
    • The import duty on bars of refined gold is upped to 10% from 8% and on silver to 10% from 6%, reports the FT and Reuters.
    • The move follows yesterday's pledge from the finance ministry to cut the nation's current account deficit with a curb in demand for precious metals cited as a key measure.
    • Demand for the metals is a headache (embarrassment?) for the government as it tries to combat a rupee which recently fell to a record low against the dollar.
    • Gold is off marginally to $1,329 per ounce, with silver up a bit to $21.50.
    • GLD -0.7%, SLV +0.2% premarket.
    • Other gold ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
    • Other silver ETFs: SLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.
    | Aug. 13, 2013, 7:16 AM | 73 Comments
  • Aug. 12, 2013, 8:58 AM
    | Aug. 12, 2013, 8:58 AM | 8 Comments
DZZ Description
The DB Gold Double Short ETN provides -2x the daily performance of an index that tracks the performance of futures contracts relating to gold.
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