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« Maguire - Goldman & Media Full Of Shit When It Comes To Gold | Main | Some Gold Miners Getting Back on Track: Ed Bowie, Altus Capital Ltd. »

Goldman sees gold price falling 20% by year-end

The gold price bounced back on Friday, regaining some of the ground lost yesterday when upbeat comments on the US economy from the Fed strengthened the dollar and sent gold in the opposite direction.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery last traded at $1,335.40 an ounce, up less than $5 an ounce from yesterday's close, but off sharply for the week.

On Monday the metal hit a high above $1,380, the best level since June and up 14.8% since the start of the year.

The 2014 rally in the price of gold has not convinced most bears, and Business Insider quotesGoldman Sachs on Friday reiterating its call for gold to fall to around $1,050 an ounce by year-end due to a recovering US economy and rising interest rates.

"While we see clear catalysts for the recent rally in gold prices, this move has been large relative to US real rates which are a key input into our forecasts and benchmarking of gold prices.

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal?

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Reader Comments (1)

Goldman issues sell. Interpretation: Goldman wants to buy. Needs to induce muppets to sell. Face ripping of muppets to follow as gold price rises.

March 23, 2014 | Unregistered Commenterfallingman

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