by Ben Traynor, Gold Seek:
Analysts at US investment bank Goldman Sachs today cut their 12-month gold price forecast from $1550 to $1390 per ounce, and advised clients to sell gold short using futures contracts.
Deutsche Bank and UBS both cut their average gold price forecasts yesterday, to $1637 and $1740 respectively. So far this year gold has averaged just over $1626 per ounce, based on afternoon London Fix prices.
President Obama is due to unveil his 2014 budget later today, with the White House saying he has come “more than halfway towards the Republicans” in an effort to secure a deal.
Obama’s budget is expected to ask for $580 billion of new tax revenues over the coming decade, including a minimum tax on those earning more than $1 million a year – the so-called Buffett Rule – which is opposed by Republicans.
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