http://www.bloomberg.com/news/2013-10-08/goldman-s-currie-says-gold-is-slam-dunk-sell-after-shutdown.html
The bank has a target for gold prices next year at $1,050
an ounce, Currie, Goldman Sachs’s head of commodities research,
said today on a panel in London. The precious metal has tumbled
21 percent this year to $1,322.28 an ounce on speculation that
the Federal Reserve would reduce its $85 billion monthly bond-buying program, known as quantitative easing, as the economy
recovers. Lawmakers probably will reach an agreement on raising
the debt ceiling before the Oct. 17 deadline, Currie said.
“Once we get past this stalemate in Washington, precious
metals are a slam dunk sell at that point,” Currie said. “You
have to argue that with significant recovery in the U.S.,
tapering of QE should put downward pressure on gold prices.”
Currie and Ric Deverell, the head of commodities research
at Credit Suisse AG, both said on a panel at the Commodities
Week conference in London today that selling gold is their top
recommendation for trading in raw materials in the next year.
Gold is heading for its first annual loss since 2000, and is the
third-worst performing commodity in the Standard & Poor’s GSCI
gauge of 24 raw materials this year, after corn and silver.
I would call this the last cry of dying wolf folks, do the opposite of these shills the price explosion is coming. Besides its always nice to have some gold in ones portfolio.
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