Precious Metals

Goldman Sach’s Gold Expert Recommends Shorting Gold

Precious Metals

Despite the recent support of gold caused by the ongoing Ukraine-Russia crisis and economic weakness in Europe, some analysts are warning investors that prices are being pressured by Federal Reserve policy which could help the price take a tumble by year’s end.

Despite the recent support of gold caused by the ongoing Ukraine-Russia crisis and economic weakness in Europe, some analysts are warning investors that prices are being pressured by Federal Reserve policy which could help the price take a tumble by year’s end.

As reported by CNBC:

Gold traded around $1,270 an ounce Thursday morning. It’s up nearly 4 percent this year, with a 2014 high of $1,384 in mid-March. Gold was down nearly 25 percent over the past 12 months and is off 33 percent from its all-time high of $1,923 in September 2011.

Jeffrey Currie, head of commodities research at Goldman Sachs, said:

Our target at the end of this year is $1,050, really driven by the view that we think that the Fed will ultimately be the dominate force here and put more downward pressure [on prices]. Gold is a hedge against a debasement in the U.S. dollar.

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