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Goldman slashes its 2013 gold price target to $1,600 from $1,810 citing ... recent price...

  • Tuesday, February 26, 7:15 AM ET
    Goldman slashes its 2013 gold price target to $1,600 from $1,810 citing ... recent price declines. What wonderful value-added. Searching for a better reason to justify its fancy pay, the team notes a small increase in U.S. real interest rates as well as the perceived hawkish FOMC minutes (refuted by a half dozen Fed speakers over the past few days). GLD -0.3% premarket.
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This news story has 18 comments:

  •  
    Credibility and respectability of GS continues to slide.
    26 Feb, 07:21 AM Reply Like
  •  
    ,,,while the price of GS stock continues to rise. Go figure.
    27 Feb, 10:39 AM Reply Like
  •  
    Goldman joins the Gartman flipflop club.

    Q4 2012 GDP comes in negative and we have a recovery........gofigger.
    26 Feb, 07:25 AM Reply Like
  •  
    There's an old song on a Steve Martin comedy album from way, way back, part of which goes something like:

    "The most amazing thing is...
    I get paid for doing this."

    Mentions of GS bring that to mind for some reason.
    26 Feb, 07:33 AM Reply Like
  •  
    Since Obama was elected in 2008 we have had 13/19 quarters of Govt GDP estimates that were too high on GDP growth and too low on GDP declines. Does not sound like economic recovery to me but if you say a lie enough, gullible people believe.

    Now, we believe them when they say "no inflation"?
    26 Feb, 03:43 PM Reply Like
  •  
    "Ahhh. A profit deal, huh. Step right up and buy some crap!"
    26 Feb, 03:43 PM Reply Like
  •  
    The same people who told their OWN clients to sell Heinz stock just before Warren Buffet bought the company.
    26 Feb, 07:36 AM Reply Like
  •  
    Doing the opposite of whatever GS says is ALWAYS profitable. Must mean they either want to push it down because they have a customer that wants lots of it, or maybe it's for their role as the "market stabilization" guys............ you know, where they get to use tax payer money to manipulate the price
    26 Feb, 07:37 AM Reply Like
  •  
    Well $1600 aint so bad.
    26 Feb, 07:44 AM Reply Like
  •  
    GS advertising they are bearish is pretty much my buy signal. I'm already a substantial gold (though not GLD) holder anyway so I find GS stance reassuring.
    26 Feb, 08:23 AM Reply Like
  •  
    Do as they probably do, not as they say. Amusing that someone brought up Gartman above.
    26 Feb, 07:43 AM Reply Like
  •  
    really???? im not sure
    26 Feb, 07:46 AM Reply Like
  •  
    Should there not be some Intentional Misguidance Law which could be applied to GS?
    26 Feb, 08:06 AM Reply Like
  •  
    Are you a customer of theirs?
    26 Feb, 08:24 AM Reply Like
  •  
    @Sammy: Actually, it may not be intentional.

    Are you familiar with Captain Wrong-way Peachfuzz (cf. http://bit.ly/RLZZrr)
    27 Feb, 10:52 AM Reply Like
  •  
    Transcript from GS meeting:

    Let's upgrade gold!
    No wait, the price just dropped.
    Downgrade. I meant downgrade gold.
    Hold on. There's been a late rally in gold.
    Which is why we're reiterating our upgrade.
    Sorry. My mistake. That was GLW. A rally in GLW.
    Sell. Sell. Sell.
    China's central bank is buying.
    And so are we. Go Gold. Go Gold ...
    26 Feb, 08:29 AM Reply Like
  •  
    Goldman fleecing the muppets as usual.
    26 Feb, 08:36 AM Reply Like
  •  
    Normally, Mr. Blankfein would be very upset with such comments. However, at the moment he's too tired from having carried his money to the bank to argue.
    27 Feb, 10:55 AM Reply Like
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