Goldman Takes Shine Off of Gold (GLD)
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Gold and Gold ETF (NYSE: GLD) are lower today after analysts at Goldman Sachs got more bearish on the precious metal.
The firm moved its year end target on gold from $1,600 to $1,450 and sees gold falling to $1,270 by the end of 2014.
The firm is going as far as recommending clients take a short position in gold to profit from its decline.
"We see risks to current prices as skewed to the downside as we move through 2013," analysts Damien Courvalin and Jeffrey Currie said. "In fact, should our expectation for lower gold prices continue to prove correct, the fall in prices could end up being faster and larger than our forecast."
SPDR Gold Shares (NYSE: GLD) is down 1 percent Wednesday to $151.83, iShares Gold Trust (NYSE: IAU) is down 1 percent. Miners are also being hit, with Market Vectors Gold Miners ETF (NYSE: GDX) down 3 percent and Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) down 2.3 percent.
The firm moved its year end target on gold from $1,600 to $1,450 and sees gold falling to $1,270 by the end of 2014.
The firm is going as far as recommending clients take a short position in gold to profit from its decline.
"We see risks to current prices as skewed to the downside as we move through 2013," analysts Damien Courvalin and Jeffrey Currie said. "In fact, should our expectation for lower gold prices continue to prove correct, the fall in prices could end up being faster and larger than our forecast."
SPDR Gold Shares (NYSE: GLD) is down 1 percent Wednesday to $151.83, iShares Gold Trust (NYSE: IAU) is down 1 percent. Miners are also being hit, with Market Vectors Gold Miners ETF (NYSE: GDX) down 3 percent and Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) down 2.3 percent.
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