Seeking Alpha

PowerShares DB Gold Double Short ETN (DZZ)

  • Apr. 16, 2013, 10:21 AM
    Goldman remains bearish on gold, lowering its stop to $1,400/oz as the latest data show an acceleration of gold ETF liquidation. That the pressure on Cyprus to sell its gold might spread to other debt-addled EU states could be the catalyst for the recent big move, suggests Goldman. Hedge-funder and hedged gold bull John Burbank notes many long the metal are very much un-hedged (i.e., John Paulson - famously long both the metal and the miners). GLD +1.2%.
    | Apr. 16, 2013, 10:21 AM | 10 Comments
  • Apr. 16, 2013, 7:02 AM
    After continuing to slide sharply early in overnight trade, gold is bouncing, +1.8% to $1,388/oz. (it touched $1,322 at its low point). Silver +0.6% to $23.50 after dropping as low as $22.01. GLD +2.5%, SLV +3.4% premarket.
    | Apr. 16, 2013, 7:02 AM | 6 Comments
  • Apr. 15, 2013, 6:50 PM
    Felix Salmon hopes gold "will continue to fall, that goldbugs will look increasingly silly, and that as a result Americans with savings will conclude that the best thing to do with those savings is to put them to work in a productive manner" - out of fear-based assets like gold, Treasurys and cash and into greed-based assets like stocks and bank loans so more money flows through the economy.
    | Apr. 15, 2013, 6:50 PM | 35 Comments
  • Apr. 15, 2013, 5:58 PM
    "This may be the correction gold needs," Jim Rogers says, but it hasn't dropped enough yet for him to be a buyer. Rogers sees four factors behind gold's selloff: India hiked its gold import tax rate by 50% to 6% at the start of the year, curbing demand; Cyprus possibly needing to sell gold to pay its debts; chart analysis; and Bitcoin's collapse, "since most of them also own gold."
    | Apr. 15, 2013, 5:58 PM | 4 Comments
  • Apr. 15, 2013, 3:15 PM
    Don't sell into the current weakness, Wells Fargo tells gold investors; instead, use any eventual price rebound to reduce exposure to gold, silver and precious metals to no more than 2% of portfolio value. And some traders see a rebound coming. Market data has front-month at-the-money calls priced ~$5.45/contract on the SPDR Gold Trust (GLD -8.5%) vs. at-the-money puts going for ~$4.95.
    | Apr. 15, 2013, 3:15 PM | 8 Comments
  • Apr. 15, 2013, 10:25 AM
    "OK, so I made a bad call at the Barron's roundtable," tweets Bill Gross. "I would still buy gold here. World reflating." After a morning bounce, gold has returned to the session low at $1,388/oz. GLD -6.7%.
    | Apr. 15, 2013, 10:25 AM | 25 Comments
  • Apr. 15, 2013, 5:01 AM
    Gold futures leg down to $1,401, -6.1%. Silver -9.8% to $23.74. ETFs to watch: GLD, IAU, DGP, SGOL, UGL, PHYS, AGOL, DGL, UBG, DZZ, GLL, DGZ, UGLD, DGLD, DBP, GLDI, GDX, GDXJ, NUGT, AGQ, GLDX, PSAU, DUST, GGGG, RING, SLV, PSLV, SIVR, ZSL, DBS, USV, USLV, DSLV, SILJ, SIL, SLVP.
    | Apr. 15, 2013, 5:01 AM | 2 Comments
  • 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. 15, 2013, 4:20 AM | 15 Comments
  • 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, 11:06 PM | 49 Comments
  • 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. 14, 2013, 7:51 AM | 36 Comments
  • 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, 2:27 PM | 37 Comments
  • 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. 12, 2013, 12:50 PM | 18 Comments
  • 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. 11, 2013, 11:18 AM | 21 Comments
  • 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, 2:04 PM | 9 Comments
  • 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. 10, 2013, 8:07 AM | 11 Comments
  • 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%).
    | Apr. 4, 2013, 8:07 PM | Comment!
DZZ vs. ETF Alternatives
DZZ 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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