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PowerShares DB Gold Short ETN (DGZ)

  • Apr. 15, 2013, 4:20 AM
    A number of reasons have been given for gold's (GLD) sudden free-fall, chief among them the ECB's pressurization of Cyprus' central bank to sell its gold reserves to help pay for the country's bailout. That has raised expectations that other distressed eurozone members might be forced to sell gold as well. Other factors include bearish forecasts such as from Goldman Sachs, the slow improvement in the U.S. economy, and the perception that gold is no longer needed as a safe haven. Gold -4.1% and silver -7.4%.
  • Apr. 14, 2013, 11:06 PM
    Precious metals continue to sell off sharply, gold (GLD) -4% to $1,440/oz., the lowest level in about 2 years. Off 6.7% to $24.58, silver's (SLV) back to fall 2010 levels.
  • Apr. 14, 2013, 7:51 AM
    Notwithstanding Friday's implosion, Barron's Randall Forsyth says gold looks undervalued, and pitches the precious metal as the anti-bitcoin: "It is incongruous that gold - money that can't be printed, just minted - would enter a bear market Friday." Calafia Beach Pundit disagrees. His next target for gold: $1,000.
  • Apr. 12, 2013, 2:27 PM
    Goldman's short call on gold looks prescient, as comex gold sinks $63.50 to settle at $1,501.40/oz. for its lowest close since July 2011. Traders and analysts see no obvious trigger for the selloff, which seems to reflect the malaise that has gripped the market. Silver slips $1.37 to $26.33/oz. Miners are huge losers: HMY -7.5%, ABX -7.3%, AEM -6.9%, AUY -6.2%, SLW -5.6%, NEM -5.2%, EGO -4.9%, GFI -4.8%, GG -4.5%.
  • Apr. 12, 2013, 12:50 PM
    Gold miners (GDX -4.5%) are getting destroyed as gold prices cross into bear territory. Capitulation, if it’s here, would mean a true bottom in price, and Tocqueville Gold Fund's John Hathaway says that's what we’re approaching; he sees strong macro fundamentals for gold, investor sentiment at a negative extreme and compelling valuations in mining shares - "a contrarian's dream scenario."
  • Apr. 11, 2013, 11:18 AM
    Gold doesn't have many friends left, but Julian Jessop, head of commodities research at Capital Economics, still sees "plenty of upside" with gold possibly hitting $2,000/oz. Worries about the Fed curbing its bond-buying efforts earlier than expected as well as Cyprus being the first eurozone country forced to sell its gold reserves are both overblown, he says.
  • Apr. 10, 2013, 2:04 PM
    Gold futures fell nearly $28/oz. in their biggest one-day percentage loss since November following the surprise early release of the FOMC Minutes and Goldman's cut of gold forecasts through 2014; a stronger dollar index also weighed. Goldman says gold could fall faster and larger than its forecast if ETF owners keep exiting, which is happening today: GLD -1.5%, IAU -1.5%, GDX -3.2%.
  • Apr. 10, 2013, 8:07 AM
    With gold prices struggling to shine as a safe haven, Goldman Sachs cuts its gold price forecasts for the second time in two months. Goldman's gold team now sees an average price of $1,545/oz. in 2013 vs. its earlier forecast of $1,610, with prices falling to $1,350 in 2014 from $1,490 expected previously. The move comes a day after Deutsche Bank poured cold water on its own outlook for gold.
  • Apr. 4, 2013, 8:07 PM
    Australian miners are trading higher today, regaining much of what they lost in the previous session after metal futures rose overnight in London: BHP Billiton (BHP +1.7%), Rio Tinto RIO +1.5%), Fortescue Metals Group (FSUMY.OB +1.6%), and Newcrest Mining Ltd. AU:NCM +1.92% (NCMGY.PK +2.2%).
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  • Apr. 4, 2013, 7:16 AM
    A healthy market is supposed to rally on good news, yes? If so, things don't look good for the gold bulls, as the metal fails to muster any bounce on news of the massive BOJ easing. GLD -0.9% premarket with gold at $1,544/oz. - its lowest level since late June.
  • Apr. 3, 2013, 2:19 PM
    Precious metals (GLD -1.4%, SLV -1.3%) tumble to new multi-month lows, with gold at $1,552/oz. the weakest since last summer and right near what technicians like to call long-term support going back to mid-2011. At $26.87, silver also threatens key chart levels.
  • Apr. 2, 2013, 2:59 PM
    Gold futures fell $25 to settle at $1,575.90/oz., near four-week lows, as strength in the dollar and rallying U.S. equities has wiped out gains logged when Cyprus began to hit the headlines. Mining stocks such as Goldcorp (GG -2.8%), Barrick (ABX -2.2%), Kinross (KGC -4.3%) and Newmont (NEM -3.7%) are down in tandem with gold prices.
  • Apr. 2, 2013, 9:17 AM
    Gold may have had its "last hurrah," says SocGen, expecting $1,375/oz. by the end of the year thanks to an improving U.S. economy bringing with it a stronger dollar and higher interest rates. SocGen also notes the turn in professional sentiment as evidenced by heavy ETF redemptions. GLD -0.9% premarket.
  • Mar. 28, 2013, 4:41 PM
    Gold concluded another crummy quarter, finishing Q1 at $1594.80, down $80/oz., or 4.8%. Combined with its downbeat end to 2012, gold has dropped 10% over the past two quarters for its first back-to-back quarterly drop since 2001. The metal's 1.1% gain for March offers a bit of hope for gold bugs, but it has dropped in four of the past five sessions and 12 of the past 18 weeks.
  • Mar. 27, 2013, 7:42 AM
    Down about 6% in Q1, gold is set for its first back-to-back quarterly drop (it fell 5.5% in Q4) since 2001, notes Tim Seymour. Today's tumult in Europe is failing to generate a bid for the metal, GLD -0.35% premarket.
  • Mar. 21, 2013, 7:49 AM
    Gold gets a downgrade at SocGen which says the metal's price is in bubble territory. The downturn which began in October will continue, with the price hitting $1,400 by year's end and falling further in 2014. GLD +0.2% premarket.
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DGZ Description
The PowerShares DB Gold ETNs provide investors with a cost-effective and convenient way to take a short or leveraged view on the performance of gold. All of the PowerShares DB Gold ETNs are based on a total return version of the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold™.
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