Stocks / ETF
DBCETF
Invesco DB Commodity Index Tracking Fund
$33.051d -0.3%5d -1.7%settled close · 2026-09-17
β -0.5352w $26–34Shares 57.5MInd. Commodity Contracts Brokers & DealersNYSE Arca since 2006HQ Downers Grove, IL
The tape, with the calls on it
Who said what, and what DBC did next
Every dot is a day someone on the record made a call. Hover one to see who. We are not scoring them — the point is that you can see it and judge for yourself.
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Who’s talking about DBC
88 long2 neutral4 shortlatest 2026-09-11
| Date | Voice | Stance | Venue | Thesis |
|---|---|---|---|---|
| 2026-09-11 | Jeff CurrieCommodities strategist (ex-Goldman) | Bullish | Bloomberg The Close | Simultaneous scarcity from overlapping global supply disruptions (Hormuz, Red Sea, Black Sea, Rhine, Panama… |
| 2026-09-09 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | Triangle Investor | Strong real economies are absorbing liquidity from financial markets into productive activity, driving NGDP… |
| 2026-08-31 | Marc FaberEditor, Gloom Boom & Doom Report | Bullish | Wealthion | Money printing is inflationary and, combined with energy cost pressures, will continue to push food prices… |
| 2026-08-16 | Scott OsheroffCIO, Asia Frontier Capital | Bullish | Sunday's Idea Brunch | Best-in-class management among Uzbek public companies with best-in-country investor relations, consistently… |
| 2026-08-12 | Darius DaleFounder & CEO, 42 Macro | Bullish | Forward Guidance | Reflation regime (risk-on with inflationary bias) drives positive macro weather model signal for commodities… |
| 2026-08-11 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | The Julia La Roche Show | Strong nominal GDP growth is pulling liquidity out of financial assets and into the real economy, fueling… |
| 2026-08-03 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | DoubleLine Capital | Commodities have been the top-performing asset class since both the June and December Fed meetings; the… |
| 2026-07-28 | Lacy HuntChief economist, Hoisington Investment | Bullish | Adam Taggart | Thoughtful Money® | Post-globalization production-function shift drives structural inflation as input costs rise and capital… |
| 2026-07-27 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | Foundation for the Study of Cycles (FSC) | At the peak of the ~65-month global liquidity cycle, liquidity moves from financial markets into the real… |
| 2026-07-21 | Grant WilliamsFinancial writer & podcast host | Bullish | Grant Williams Podcast | Commodities are need-goods whose prices must reflect real-world demand, and the sector is entering a… |
Show all 94 mentions
| Date | Voice | Stance | Venue | Thesis |
|---|---|---|---|---|
| 2026-07-19 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | Real Vision | The global liquidity cycle is currently in the 'speculation phase' near its peak, which historically produces… |
| 2026-07-10 | Louis Vincent GaveCo-founder & CEO, Gavekal | Bullish | Louis-Vincent Gave | Loss of US sea-lane control demonstrated in the Iran conflict means countries must self-insure via physical… |
| 2026-07-09 | Jeff CurrieCommodities strategist (ex-Goldman) | Bullish | Wealthion | Three secular tailwinds—deglobalization, electrification, and fiat-currency debasement—are simultaneously… |
| 2026-06-26 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | David Lin | Embedded inflation, strong real-economy demand crowding out financial assets, and deglobalization-driven… |
| 2026-06-24 | Jeremy GranthamCo-founder & long-term strategist, GMO | Bullish | NA | The 100-year secular decline in real commodity prices ended around 2002 and reversed permanently due to… |
| 2026-06-03 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | Wealthion | A 1970s-style series of unconnected supply shocks across energy, food, and materials are converging into a… |
| 2026-06-02 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | Julia La Roche Show | Liquidity is rotating from financial markets into the real economy, which historically benefits commodity… |
| 2026-06-01 | Reza BundyCEO, Atlas Capital Team | Bullish | Nouriel Roubini | Climate change and geopolitical fragmentation raise food production costs and supply-chain risk, while… |
| 2026-05-28 | George Goncalves (MUFG)Bond market strategist | Bullish | Wealthion | In a structurally higher inflation environment the traditional 60/40 portfolio is obsolete and commodities… |
| 2026-05-27 | Michael Green (Simplify)Chief Strategist & PM, Simplify | Bearish | Wealthion | Falling global population growth (peak around 2035), continued agricultural productivity gains, and emerging… |
| 2026-05-25 | Jeremy GranthamCo-founder & long-term strategist, GMO | Bullish | Behind the Balance Sheet | The 100-year tailwind from technology outpacing resource depletion has reversed; scarcity is now winning over… |
| 2026-05-07 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | Bloomberg Podcasts | Broad commodities are at new highs, above all moving averages, with upward pressure from oil and food… |
| 2026-05-07 | Patrick Ceresna (Macro Voices)Co-host, MacroVoices & Market Huddle | Bullish | Macro Voices | Governments and corporations are being forced into structural commodity stockpiling as just-in-time supply… |
| 2026-05-05 | Grant WilliamsFinancial writer & podcast host | Bullish | Grant Williams Podcast | Long-dated call options on commodity producers offer highly leveraged exposure to a multi-year commodity bull… |
| 2026-04-29 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | DoubleLine Capital | The ongoing war is sustaining an oil price shock that will keep energy-driven commodity strength intact well… |
| 2026-04-21 | Dr Mark ThorntonSenior Fellow, Mises Institute | Bullish | Julia La Roche Show | Austrian business cycle theory and dollar debasement make the commodity complex broadly bullish with gold and… |
| 2026-04-17 | Jeremy GranthamCo-founder & long-term strategist, GMO | Bullish | Library of Mistakes | The 100-year secular decline in real commodity prices ended ~15 years ago; after a sideways volatile interim… |
| 2026-04-15 | Ray DalioFounder, Bridgewater Associates | Bullish | Investor Weekly | Stagflation historically crushes financial assets while commodities surge — in the 1970s analogue… |
| 2026-03-31 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | interview | Inflation persistence, dollar debasement risk, and real-asset preference in a world leaving 'aspirational… |
| 2026-03-30 | Mohamed El-ErianChief economic adviser, Allianz | Bullish | CNBC Television | War infrastructure damage is disrupting a wide range of critical commodities beyond oil — including aluminum… |
| 2026-03-27 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | Julia La Roche Show | Commodities are one of the few asset classes posting positive returns year-to-date and serve as a real-asset… |
| 2026-03-24 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | DoubleLine Capital | The Bloomberg Commodity Index has broken below its 50- and 100-day moving averages but the 200-day MA — not… |
| 2026-03-17 | Jacob ShapiroGeopolitical strategist | Bullish | Marko Papic | The Hormuz closure is disrupting 20-25% of fertilizer supply during active planting season when inventories… |
| 2026-03-02 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | DoubleLine Capital | BCOM broke above its 200-day moving average after 2.5 years below it and the moving average itself turned… |
| 2026-02-12 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bullish | The Financial Perspective | The 2022 freezing of Russian reserves broke global trust in dollar-denominated inside money, triggering a… |
| 2026-01-29 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | interview | Bloomberg Commodity Index is well above its rising 200-day moving average and commodity trends are… |
| 2025-12-10 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | DoubleLine Capital | Bloomberg Commodity Index is now above its rising 200-day moving average for the first time in a long time… |
| 2025-11-28 | Russell NapierMarket strategist & financial historian | Bullish | Prime Quadrant | Commodity stocks outperformed in the last great financial repression era (1968–1980) and provide real-asset… |
| 2025-11-12 | Meb FaberCo-founder & CIO, Cambria | Bullish | Capital Considered | Most US investors have very little real asset exposure in their portfolios, making REITs, TIPS, and… |
| 2025-10-14 | Sven CarlinFounder, Sven Carlin Research Platform | Bullish | Wealthion | Defensive Dutch spice/food trading business with 200-year history, ~€800M market cap, 6% dividend yield, and… |
| 2025-10-08 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | Wealthion | China is injecting ~$1T+ in liquidity to reduce its debt-to-liquidity ratio, which historically drives world… |
| 2025-09-09 | Lyn AldenIndependent macro strategist | Bullish | interview | Hard-money commodity producers benefit from persistent fiat debasement and fiscal dominance, functioning as a… |
| 2025-08-14 | Tavi CostaPartner, Crescat Capital | Bullish | Wealthion | Agricultural commodities will take the lead in the next leg of the inflationary cycle, following metals, as… |
| 2025-07-24 | Stanley DruckenmillerChairman/CEO, Duquesne Family Office | Bullish | interview | Same loose-global-monetary-policy thesis as gold: reserve-currency dynamics force the Fed to run policy far… |
| 2025-06-10 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | Wealthion | Commodity prices historically performed strongly during 1970s stagflation, and the current monetary inflation… |
| 2025-06-09 | Jonathan WellumCEO & CIO, RockLinc Investment Partners | Bullish | Wealthion | The commodities underpinning AI, data centers, and the energy revolution are trading at 10-20% of the… |
| 2025-05-20 | Ronnie StoeferleManaging Partner, Incrementum AG | Bullish | Wealthion | Commodities represent the biggest institutional underweight in the 'performance gold' portfolio and should… |
| 2025-04-04 | Jared DillianAuthor, The Daily Dirtnap | Bullish | Forward Guidance | The two-day massive selloff in the commodity index is technically exhausted — the BCOM registered a DeMark 13… |
| 2025-03-08 | Quinn ThompsonFounder & CIO, Lekker Capital | Bullish | Forward Guidance | A secular downtrend in the US dollar creates a positive structural tailwind for commodities regardless of… |
| 2025-02-13 | Nouriel RoubiniEconomist; professor emeritus, NYU Stern | Bullish | Adam Taggart | Thoughtful Money® | Commodity prices historically rise with inflation, making broad commodities a useful portfolio hedge in his… |
| 2025-02-11 | Michael OliverFounder, Momentum Structural Analysis | Bullish | Wealthion | Last month's Bloomberg Commodity Index close triggered an upside quarterly momentum signal for the first time… |
| 2025-01-16 | Daniel LacalleChief Economist & CIO, Tressis | Neutral | Wealthion | Commodities are consequences of currency debasement rather than standalone longs, so the trade is seasonal… |
| 2025-01-04 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bullish | Ztrader Dorian | Chronic underinvestment in the resource sector combined with geopolitical conflicts and labor issues will… |
| 2024-12-10 | Jared DillianAuthor, The Daily Dirtnap | Bullish | Wealthion | Commodities are forming a base after a September rally and will re-accelerate as anticipated dollar… |
| 2024-11-27 | Nouriel RoubiniEconomist; professor emeritus, NYU Stern | Bullish | Bloomberg Podcasts | A stagflationary macro regime combined with climate-change disruptions to food and energy supply will drive… |
| 2024-11-26 | Jason TrennertChairman & CEO, Strategas Research Partners | Bullish | Wealthion | Structural wage deals (Boeing +38% over 4yr, longshoremen +62% over 6yr), 7%-of-GDP budget deficits at full… |
| 2024-11-01 | Marko PapicGeopolitical macro strategist | Bullish | Lead-Lag Media | Deglobalization from China and the energy transition are simultaneously increasing commodity demand while… |
| 2024-10-26 | Jared DillianAuthor, The Daily Dirtnap | Bullish | Wealthion | Commodities are heading higher driven by persistent geopolitical risk, structural demand for post-conflict… |
| 2024-10-25 | Jim RogersChairman, Rogers Holdings | Bullish | Wealthion | Agriculture is a secular long where land appreciates, farm income compounds, and investors can access the… |
| 2024-10-25 | David FriedbergCEO, Ohalo; co-host, All-In | Bullish | All-In Podcast | In a sustained inflationary regime driven by fiscal monetization, businesses whose profits mechanically grow… |
| 2024-10-23 | Paul Tudor JonesFounder/CIO, Tudor Investment Corp | Bullish | TorontoWealthGroup | Commodities are severely under-owned and serve as an inflation hedge as the US inflates away its debt burden |
| 2024-10-09 | Michael GayedPublisher, The Lead-Lag Report | Bullish | Wealthion | China's stimulus re-acceleration drives marginal commodity demand higher, making commodities and the… |
| 2024-10-01 | Jeremy SchwartzGlobal CIO, WisdomTree | Bullish | Wealthion | Broad commodities offer a portfolio hedge against the twin risks of inflation re-emergence and geopolitical… |
| 2024-09-28 | Tavi CostaPartner, Crescat Capital | Bullish | Wealthion | Structural supply constraints from deglobalization and chronic underinvestment keep commodity prices… |
| 2024-09-28 | Daniel LacalleChief Economist & CIO, Tressis | Bullish | Wealthion | Three concurrent catalysts point to a commodity bounce: China pivoting to large-scale monetary stimulus… |
| 2024-09-26 | Daniel LacalleChief Economist & CIO, Tressis | Bullish | Wealthion | Three converging catalysts support a commodity recovery: China pivoting to a large stimulus package (the… |
| 2024-09-14 | Mark MobiusEM investor — ex-Franklin Templeton | Bearish | interview | Commodity companies' returns are hostage to global price cycles that management cannot influence, making them… |
| 2024-09-13 | Jurrien TimmerDirector of Global Macro, Fidelity Investments | Bullish | The Compound | Commodities are a left-behind sector with valuations far below equities; China is the known drag keeping… |
| 2024-09-12 | Jared DillianAuthor, The Daily Dirtnap | Bullish | Wealthion | The Bloomberg Commodity Index is at a 15% drawdown with managed-money short positioning across the complex at… |
| 2024-08-21 | Jared DillianAuthor, The Daily Dirtnap | Bullish | Wealthion | The commodities bear market is nearing its end; commodities historically outperform in inflationary… |
| 2024-08-01 | Danny DayanCIO, DWD Partners | Bullish | Forward Guidance | Fed moving toward rate cuts should drive renewed interest in commodities as a beneficiary of loosening policy… |
| 2024-05-24 | Luke GromenMacro strategist — founder, FFTT | Bullish | Kitco NEWS | Peak cheap oil and copper structurally raise marginal extraction costs, dollar liquidity injections are… |
| 2024-05-23 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | DoubleLine Capital | Commodity momentum is inflecting after nearly two years below the 200-day moving average, and momentum-driven… |
| 2023-06-30 | Ed YardeniPresident, Yardeni Research | Neutral | Bloomberg Television | Global growth is weak but not recessionary, with China's recovery lackluster and US fiscal strength not… |
| 2023-05-20 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bullish | Bitcoin Magazine | A decade of underinvestment in oil, gas, and all commodities — compounded by geopolitical instability and… |
| 2023-04-24 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bullish | Rebel Capitalist | Structural supply constraints from ESG-driven underinvestment, rising geopolitical tensions, and surging EM… |
| 2023-03-15 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bullish | Resource Talks | A decade of underinvestment in commodity supply combined with a surge in structural demand from G7 rearming… |
| 2023-03-13 | Zoltan PozsarFounder, Ex Uno Plures; ex-Credit Suisse | Bullish | Resource Talks | The deflationary tailwinds of cheap capital, cheap commodities, and functioning supply chains that enabled QE… |
| 2022-12-15 | Marko PapicGeopolitical macro strategist | Bullish | Excess Returns | The commodity supercycle thesis remains intact over a 24-month horizon; the 2022 six-month interruption was… |
| 2022-12-09 | Marko PapicGeopolitical macro strategist | Bullish | WTFinance | China's reopening ends the self-imposed demand recession that deflated commodities in 2022, restoring the… |
| 2022-11-09 | Luke GromenMacro strategist — founder, FFTT | Bullish | ForexAnalytix | War-related supply disruption in Russia/Ukraine grain belts and reduced harvests in Europe and India are set… |
| 2022-11-09 | Dale Pinkert | Bullish | Luke Gromen | European drought cut production ~10 tons and the Russia-Ukraine war will reduce output ~30 tons next year as… |
| 2022-10-27 | Rob ArnottFounder & chairman, Research Affiliates | Bullish | Excess Returns | Commodities are among the few inflation-sensitive asset classes that outperform in rising-inflation… |
| 2022-07-14 | Erik TownsendHost, MacroVoices podcast | Bullish | Zoltan Pozsar | Russian fertilizer supply disruption combined with intentionally idled Canadian potash capacity will reduce… |
| 2022-06-23 | Marko PapicGeopolitical macro strategist | Bullish | The Montgomery Summit | China will be forced to return to fixed-asset investment-led growth to offset a balance-sheet-constrained… |
| 2022-04-26 | Meb FaberCo-founder & CIO, Cambria | Bullish | Excess Returns | At 8% CPI and deeply negative real rates, real assets provide inflation protection that neither stocks nor… |
| 2022-02-24 | Chris Cole (Artemis)Founder & CIO, Artemis Capital Management | Bullish | Chris Cole | Commodities serve as a fiat-alternative hedge bucket alongside gold in a regime-diversified portfolio… |
| 2021-12-02 | Chris Cole (Artemis)Founder & CIO, Artemis Capital Management | Bullish | Chris Cole | An 18% allocation to commodity trend strategies captures returns during inflationary regimes that destroy… |
| 2021-06-02 | David RosenbergEconomist — Rosenberg Research | Bearish | Jay Taylor Media | China's credit impulse is rolling over and the US economy will slow in H2, removing two pillars of global… |
| 2020-12-06 | Paul Tudor JonesFounder/CIO, Tudor Investment Corp | Bullish | Yahoo Finance | Vaccine-driven demand explosion and inflation comeback in Q2/Q3 will push commodity prices higher regardless… |
| 2020-03-12 | Chris Cole (Artemis)Founder & CIO, Artemis Capital Management | Bullish | Chris Cole | Commodity trend strategies are counter-trend to equities and uncorrelated to bonds, and historically… |
| 2019-09-24 | John BurbankFounder, Passport Capital | Short | Kyle Bass | Rising dollar and deflationary deleveraging event will hit commodity equities disproportionately as… |
| 2016-08-02 | Meb FaberCo-founder & CIO, Cambria | Bullish | Invest Like a Boss Podcast | Commodities were down three years in a row entering 2016, matching a historically rare pattern that has… |
| 2014-07-22 | Mike NovogratzFounder/CEO, Galaxy Digital | Bullish | The New Yorker | Rising protein consumption and caloric demand from newly wealthy emerging market consumers is driving food… |
1 new mention of DBC this week is in The Brief — who, which way, and what they said, in subscribers’ inboxes every morning. Free pages update a week later.
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The options tapeThe Brief · paid
Notable options days
Sessions in the last 120 where DBC’s settled options volume ran ≥ 2× its trailing 20-session baseline, or delta-dollar flow ran ≥ 2.5× — 10 of 120 sessions qualified.
The qualifying dates are the free record. Close, flow, call/LEAPS mix and the 20-session outcome — for every session below — are Brief subscriber content.
| Date | Close | RVOL | Δ$ flow ($M) | Call % | LEAPS % | +20 sess. |
|---|---|---|---|---|---|---|
| 2026-09-16 | ||||||
| 2026-09-15 | ||||||
| 2026-09-08 | ||||||
| 2026-09-03 | ||||||
| 2026-08-27 | ||||||
| 2026-08-21 | ||||||
| 2026-08-20 | ||||||
| 2026-07-17 | ||||||
| 2026-07-15 | ||||||
| 2026-07-09 |
+20 sess. = raw price change over the following 20
sessions — not market-adjusted; the tape tells you where to look,
not what happens next.
Today’s tape on
DBC is in this morning’s Brief.
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