DB: ETFs are "Aggressors" Now, Outbidding Sovereigns

Deutsche Bank’s latest special report examines the drivers of gold’s rally, focusing on exchange-traded funds (ETFs), central bank activity, and the price elasticity

We’d pointedly note Chart 11 is a result of Bullion Banks buying into spec selling this past year. Essentially, funds are booking profits while a few Banks are locking in losses. - GoldFix

Contents

1. Framing the Question

2. The ETF Renaissance

3. Unequal Elasticities of Demand

4. Rates as the Prime Mover?

5. Weak Shorts and Resilient longs

6. DB’s Bottom Line

7. Beyond the Bottom Line