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Goldman Sachs recommends shorting gold

The bank says it believes a sharp rebound in gold prices is unlikely and that the fall in prices could end up being faster and larger than its current forecast

by Geoff Candy, MineWeb.com

Goldman Sachs has, once again, lowered its gold forecasts, announcing in a new note that clients should consider shorting the yellow metal.

The bank says that the lack of gold price response to the recent resurgence in “Euro area risk aversion and disappointing US economic data” highlights how quickly investor conviction in holding gold is waning.

Goldman Sachs writes, “With this move lower triggered by the unexpected sharp improvement in the three risks that we initially thought could support gold prices in 1Q13, events since mid-March have finally offered potential catalysts for a rebound in gold prices. And yet, gold prices have remained unfazed by the recent resurgence in Euro area risk aversion and disappointing US economic data, currently trading at their level from a month ago, $1,585/toz.

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3 comments to Goldman Sachs recommends shorting gold

  • Mac

    * hedge funds short a huge amount…i.e. Goldman is short.

    -no mystery, these shorts want to win…
    -goldman blew up the world with their criminal acts in 2007-2008 (and ask Greece who set them up)….

    -crime pays…but with the internet we are ahead of the spin at times.

    -Japan money flooding into euro bonds, US stocks and bonds and into Goldman’s declared enemy at this time – Gold!
    -so the declared short by the GS Gang….yawn.

  • Look, Goldman Routinely screws its own clients with this type of advice.
    If gold drops pick some up on the cheap. Its not going back to 375 I promise.
    I guess they are looking at yen weakness to strengthen the dollar. Its the best of the worst and good luck trying to time this stuff.

  • Glitter1

    The purchase of physical Gold and Silver Bullion is accelerating by Central Banks and private citizens. They can’t control it and want it to stop!They don’t want the divergence between the paper price and physical price.

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