UBS ETRACS CMCI Gold Total Return ETNNYSEARCA
Sat, Oct. 15, 6:02 PM
- ETFs backed by gold continue to attract investors, Bloomberg notes, even as gold prices retreated amid rising odds that the Fed will boost borrowing costs by the end of the year.
- ETF holdings have soared to the highest since 2013, while gold futures have fallen about 9% from a two-year high in July.
- See chart: Gold still in vogue among ETF crowd
- ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GTU, UGLD, GLL, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, GYEN, GEUR, UBG, QGLDX
Fri, Oct. 7, 11:49 AM
- The metal climbed to nearly $1,270 per ounce in the minutes following this morning's jobs miss, but quickly came off of that level, and has accelerated to the downside in the past few minutes.
- It's now down 0.6% on the session at $1,245 per ounce, the weakest since the early days of June. GLD -0.8%
- Silver's moving similarly, down 0.65% to $17.23 per ounce. SLV -1.1%
- ETFs: GLD, SLV, IAU, AGQ, PSLV, PHYS, USLV, SIVR, SGOL, ZSL, UGL, DGP, GTU, UGLD, GLL, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, DGZ, DGLD, GYEN, USV, GEUR, UBG, QGLDX, DULL, SHNY
Thu, Oct. 6, 10:48 AM
- The 10-year Treasury yield is up another three basis points to 1.73%, its highest level since the start of the summer. On the short end, futures traders have priced in about a 90% chance of a rate hike between now and year-end.
- Tomorrow morning brings September's jobs report and it seems only a string of terribly weak prints would be enough to push the Fed off of its promise to raise rates this year.
- Gold is lower by another 1% to $1,255 per ounce - now off nearly $100 per ounce over the past couple of weeks. GLD -1%
- Silver today is down 2.25% to $17.30 per ounce - almost $3 per ounce less than its level of two weeks ago. SLV -2.7%
- ETFs: GLD, SLV, IAU, AGQ, PSLV, PHYS, USLV, SIVR, SGOL, ZSL, UGL, DGP, GTU, UGLD, GLL, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, DGZ, DGLD, DBP, GYEN, USV, GEUR, JJP, UBG, BLNG, QGLDX, DULL, SHNY
Wed, Oct. 5, 8:50 AM
- "The way we think abut it, gold looks to be 20-25% overvalued," Deutsche Bank Chief Global Strategist Binky Chadha tells Bloomberg. "Positioning is very, very long."
- The metal put in a big Q1 rally amid shaky global markets, but while markets have recovered - particularly in the U.S. - the price of gold has barely budged.
- In the meantime, expectations for a rate hike - and the stronger dollar that could come alongside - continue to build. Neither would be great for gold, but it's a recovery in global growth which could really be the catalyst for a sustained downward move.
- Gold's in slight bounce mode this morning, up 0.55% to $1,277 per ounce. GLD +0.4% premarket
- ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GTU, UGLD, GLL, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, GYEN, GEUR, UBG, QGLDX
Tue, Oct. 4, 9:03 AM
- Gold dropped below $1,300 an ounce as it hit a three-month low of $1,290.60 on weakened demand.
- Traders are continuing to react to economic news which may support an interest hike by the Federal Reserve.
- Gold has ranged from as low as $1,045.85 per ounce to as high as $1,374.91 per ounce over the last 52 weeks.
- ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GTU, UGLD, GLL, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, GYEN, GEUR, UBG, QGLDX.
Fri, Sep. 30, 3:35 PM
- It appears the U.S. government isn't going to break the bank at Deutsche, with an earlier report suggesting the lender will settle mortgage-related claims for just $5.4B vs. the $14B which earlier had been rumored. The news sent DB higher by nearly 15% on today's session, with the rest of the banking sector and European and U.S. averages also moving sharply higher.
- Investors had been cautiously bidding gold higher earlier this week on contagion worry, but have been bailing today, with the metal falling from above $1,330 per ounce to its current level of $1,320. GLD -0.3%
Tue, Sep. 20, 5:55 PM
- McEwen Mining (NYSE:MUX) Chairman/CEO and unabashed gold bull Robert McEwen predicts gold prices could surge as much as 44% to $1,900/oz. by the end of the year as confidence in the global economy wanes.
- Record-low global interest rates will cause a “huge amount of anxiety” for investors, who will turn to gold as a store of value and an alternative asset, McEwen says.
- "Crowd psychology is there. Reasons for anxiety are [more] multiple than what we’ve had in the past and there will be a triggering event," McEwen says.
- On one of those could be the U.S. presidential election, where McEwen maintains that either a Trump or a Clinton victory is positive for gold: “Hillary has got a very accommodative platform... Trump is less expansionary, but he’s unnerved a lot of people with his statements, so they don’t really look at this policies, they look at his rhetoric.”
- ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GTU, UGLD, GLL, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, GYEN, GEUR, UBG
Thu, Sep. 15, 7:49 AM
- The asset management firm had been overweight gold, but - expecting tighter monetary policy at some point in the near future - has pared back its allocation to the metal.
- "Being in gold scares us," says Cohen & Steers portfolio manager Ben Ross, noting the 10-year Treasury yield "is really starting to move."
- His firm isn't alone. In the past week, investors pulled $698M for SPDR Gold Shares (NYSEARCA:GLD), taking their holdings to the lowest since June.
Tue, Sep. 6, 10:57 AM
- The "lower for longer" narrative is coming back into favor after the ISM services index unexpectedly tumbled to a five-year low in August. We can add that disappointment to last week's move into contraction zone for ISM manufacturing, as well as Friday's nonfarm payrolls miss.
- Traders have priced away any odds of a rate hike this month, and narrowed the chance of any move before year-end to just 50%.
- Gold (NYSEARCA:GLD) is higher by 1.5% to $1,346 per ounce.
Wed, Aug. 24, 2:30 PM
- Shares of gold miners are sharply lower as gold futures fall 1.2% to settle at a one-month low $1,329.70/oz., closing below its 50-day moving average for the first time since June 7.
- The top gold miners ETF (GDX -6.3%) trades well below its 50-day moving average of $29.09 and is on pace for its first four-day losing streak since early November.
- Investors are dialing down bullish bets on gold ahead of Friday's scheduled remarks from Janet Yellen, says Peter Hug, global trading director at Kitco Metals.
- Among top mining stocks: ABX -8.4%, NEM -6.7%, GG -8.7%, KGC -9%, AEM -6.3%, SLW -7.3%, RGLD -7.3%, EGO -7.2%, GFI -5.1%, AUY -8.8%, GOLD -5%, HMY -5.7%, SBGL -4.9%, IAG -8.7%, BTG -6.9%, NG -7.3%, FNV -6%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, UGL, DGP, UGLD, GLL, DZZ, SGDM, ASA, SLVP, DGL, RING, DGZ, DGLD, PSAU, TGLDX, UBG, GDXX, GDXS
Thu, Aug. 11, 4:07 AM
- Appetite for gold is showing no signs of abating, as figures from the World Gold Council revealed record investment demand (1,064 tons) in the first half of 2016.
- The trend for ETFs to pile in to the precious metal sent the price of gold soaring by 25% in H1, the biggest price rise since 1980.
- And for the first time ever, investment, rather than jewelry, was the largest component of gold demand for two consecutive quarters.
Thu, Aug. 4, 3:12 AM
- "I don't like bonds, I don't like most stocks," said Bill Gross, joining a chorus of big-name investors looking to mine yield in gold.
- The Janus (NYSE:JNS) portfolio manager feels that current conditions, with global central banks keeping interest rates low and more than $11T in sovereign debt carrying negative yields, presents a challenging trading environment.
Tue, Aug. 2, 2:05 PM
- Among the headlines today is the continuing slide in European bank shares, with Deutsche Bank and Credit Suisse now set for removal from the key European benchmark stock index. There's also oil, which has sunk back below $40 per barrel. We can also toss in a tough day for U.S. automakers - sharply lower thanks to disappointing July sales numbers.
- It all adds up to a bid for gold - up 1% to $1,373 per ounce, and on track for its highest close in two years. GLD +0.85%
Sun, Jul. 31, 4:15 AM
- Barron's interviews Jim Grant, founder of Grant's Interest Rate Observer.
- Grant is bullish on metals, including Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM), Goldcorp (NYSE:GG), New Gold (NYSEMKT:NGD), and Pan American Silver (NASDAQ:PAAS): "Gold stocks have come a long way. But many were priced for bankruptcy, notably Barrick Gold, an encumbered mining company priced at $6 at the bottom, as if its debt would not be paid. Now the stock is $20. I personally own Newmont Mining, Goldcorp, and New Gold.
- "I'm very bullish on the metal, bullish on miners. Bears on credit finally get paid in gold. At the end of the road to confetti, gold will reclaim some position as an active monetary asset, not a crank's asset. It is now a relatively high-yielding asset, yielding, as it does, nothing.
- "We are also bullish on silver. It is the crazy uncle in the attic of monetary assets. It is as volatile as Donald Trump. It has industrial uses as well as monetary ones, which will come to the fore as the gold bull market progresses. In June, we recommended Pan American Silver (PAAS) and long-dated, out-of-the-money call options on the silver exchange-traded fund iShares Silver Trust (NYSEARCA:SLV).
- Grant is bearish on Kraft Heinz (NASDAQ:KHC), Campbell Soup (NYSE:CPB), and United Rentals (NYSE:URI): "One idea that hasn't worked yet is being bearish Big Food. Both are indicative of one form of excess, reaching for yield in equities. Campbell is trading for 23 times trailing net income, and Kraft is 46 times. Both are battling new trends in eating."
- Other ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GTU, UGLD, GLL, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, GYEN, GEUR, UBG, QGLDX
Wed, Jul. 13, 3:39 PM
- Manager of the $1.6B Tocqueville Gold Fund (MUTF:TGLDX), John Hathaway in January called for a "mega short squeeze" at the start of the year.
- $300 per ounce later, Hathaway - in his semi-annual update - says there's more to come. Positive gold cycles, he writes, tend to last three to five years, meaning this one is still in its infancy.
- The factors that caused gold's rush higher - namely, ultra-low/negative interest rates across the globe - are still in place. A return to a normalized rate regime cannot occur, he says, without damage to financial markets, which should trigger even more flows into gold.
- "The rewards of gold exposure, in our opinion, promise to be of historic magnitude. At such a moment, it would be counterproductive for investors to dwell upon issues of market timing."
Wed, Jul. 6, 6:58 PM
- Gold rallied in today's trade to its highest price since March 2014, and holdings by the SPDR Gold Trust (NYSEARCA:GLD) rose to 31.6M oz. for its biggest total in three years, picking up speed on reports that three U.K. commercial property funds worth ~£10B had suspended trading.
- "The bull market in gold and silver is all about negative real interest rates, currency market volatility and failed central-bank policy worldwide,” says Altavest's Michael Armbruster.
- UBS analysts think gold's rise is not over, because it thinks the serious money has not come in yet: "Our sense is that individual positions are not particularly large, but rather the extent of involvement has been quite expansive. It’s also worth noting that despite the very strong inflows into gold ETFs YTD, global holdings are still some distance away from record highs."
- Not everyone agrees: OptionSellers.com's James Cordier thinks gold will drop to $1,200-$1,250 by year-end because the metal is acting as a currency and will return to acting like a commodity "once the hysteria slows."
- ETFs: GDX, SLV, IAU, AGQ, PSLV, PHYS, USLV, SIVR, SGOL, ZSL, UGL, DGP, GTU, UGLD, GLL, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, DGZ, DGLD, GYEN, USV, GEUR, UBG