Goldman Sachs Locks-In Gains from Gold Short (GLD)
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Less than two week's after making a prescient call to short gold, Goldman Sachs is locking in those gains following the vicious recent slide in the precious metal.
Goldman said it exited the trade at a price significantly below their $1,450 target.
While taking the quick profits, the group said they see continued downside pressure on gold prices due to ETF outflows (NYSE: GLD) and an improving U.S. economic outlook.
The firm's 3-month price target on gold is $1,530, 6-month target is $1,490, and 12-month target is $1,390.
Gold ETF (NYSE: GLD) last traded down 0.3 percent to $137.51 with a 52-week range of $130.51-$174.07.
Goldman said it exited the trade at a price significantly below their $1,450 target.
While taking the quick profits, the group said they see continued downside pressure on gold prices due to ETF outflows (NYSE: GLD) and an improving U.S. economic outlook.
The firm's 3-month price target on gold is $1,530, 6-month target is $1,490, and 12-month target is $1,390.
Gold ETF (NYSE: GLD) last traded down 0.3 percent to $137.51 with a 52-week range of $130.51-$174.07.
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