Gold bears find their voice again

Gold bears are feeling their oats following the FOMC blasting away market complacency about rate hikes last week. "We continue to believe that the economic momentum in the U.S. shows further improvement,” says SocGen's Michael Haigh. “We reiterate our very bearish outlook for this year. Prices could drop below $1,000. I would not rule that out.”

Last week, Goldman reiterated its $1,065 price target for the metal.

“Gold is going to be somewhat problematic from an investment standpoint over the next six to 12 months," says buysider Ted Harper. "We’re probably looking to a relatively higher and quicker increase on rates, which is a headwind for precious metals.”

The rout over the past few sessions comes as gold ETPs were again starting to see inflows, and in the week ended March 20, the funds saw $555.3M added, according to Bloomberg.

Gold continues to fall today, -1.8% to $1,312 per ounce. GLD -1.6%


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Comments (8)
  • lasvegasbrad
    , contributor
    Comments (56) | Send Message
    My God, when will they stop trying to push the gold market down? They should be exhausted from so much B.S.


    As if Yelling is going to raise rates! And destroy their empire so quickly? No.
    24 Mar 2014, 11:32 AM Reply Like
  • Jake2992
    , contributor
    Comments (1142) | Send Message
    Seal all hatches... gold going to 650
    24 Mar 2014, 12:26 PM Reply Like
  • wiseinvestorsdaily
    , contributor
    Comments (500) | Send Message
    So Jake the dollar is going to double in value and we will have double digit deflation? I expect the opposite. The Fed will continue to devalue the dollar and drive inflation. Remember, they fear deflation much more than inflation. There is always a continual struggle between deflation and inflation...


    People calling for gold to drop like 40-50% do not understand this.
    24 Mar 2014, 01:18 PM Reply Like
  • pat45
    , contributor
    Comments (470) | Send Message
    Haha..sell me your gold for 650 please...I will wait for bottom..not sure if 1300 1250 but watchin.
    24 Mar 2014, 02:22 PM Reply Like
  • filipo
    , contributor
    Comments (4680) | Send Message
    GS and gold, never good friends.
    I still bear in mind what happened to super gold shorter Bear Sterns in 2008.
    24 Mar 2014, 04:20 PM Reply Like
  • pparaska
    , contributor
    Comments (194) | Send Message
    I'm not willing to short GLD, but if it drops to $1100/oz, I'll start stacking on the way down.
    24 Mar 2014, 05:06 PM Reply Like
  • Costas Adampoul
    , contributor
    Comment (1) | Send Message
    Gold proved to be very vulnerable.$80 drop in just few days with that Ucraine thing still hot, definitely means sell the highs and forget about significant rally or trend reversal hopes and dreams
    25 Mar 2014, 01:25 AM Reply Like
  • james.
    , contributor
    Comments (1395) | Send Message
    The recent decline of GLD simply cements in the P&F Chart Price Objective of 169, which is equivalent to a Gold price of $1760 per oz; that will be near the top of the 1st Leg Up within this 3rd Leg Up Super Cycle , which will carry Gold to new all-time highs of $2700 per oz in May 2015. This ongoing Gold Bull Market started at $253 per oz circa 2000, and completed a normal Bull Market correction of its 2nd Leg Up Super Cycle in Dec 2013 when it did Double-Bottom at $1186 per oz. March 24, 2014 at 11:22 pm PST.
    25 Mar 2014, 02:22 AM Reply Like
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