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Nice. Gold is downgraded at Credit Suisse, which cuts its price target to $1,600. One month ago,...

Nice. Gold is downgraded at Credit Suisse, which cuts its price target to $1,600. One month ago, the bank saw gold at $1,750 in the short-term and $1,800 over the new year. GLD +0.6% premarket.
Comments (14)
  • Doug Eberhardt
    , contributor
    Comments (2647) | Send Message
     
    Why would the writer of this blurb start with the word "Nice" unless they had some sort of bias?

     

    Gold is presently below $1,600 and Credit Suisse lowers their target to $1,600. Way to be ahead of the game Credit Suisse!
    21 Feb 2013, 07:37 AM Reply Like
  • tr4head
    , contributor
    Comments (330) | Send Message
     
    What a gutsy call! Since we have hit their bottom, they must be saying its time to move up now. Brilliant!

     

    I actually do think there is a buy opportunity here, if not now, real soon. GOLD is on the ever increasing upward path, this is a blip. Developed world economies are in a shamble and are inflating their way out. UK is accepting of higher inflation, officially. We don't even say it exists here in the US, LOL.
    21 Feb 2013, 08:31 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (7777) | Send Message
     
    I thought the author was referencing the timing of the report. I don't think it was "bias".
    21 Feb 2013, 08:32 AM Reply Like
  • Ed Patterson
    , contributor
    Comment (1) | Send Message
     
    Nice is a city in France pronounced "niece".
    21 Feb 2013, 08:37 AM Reply Like
  • Doug Eberhardt
    , contributor
    Comments (2647) | Send Message
     
    Ok, I have been to Nice, France. Didn't put 2 and 2 together there, lol. Hated their rock beaches! Perhaps putting the country after the city would help.
    21 Feb 2013, 09:31 AM Reply Like
  • Likely Gaseseses
    , contributor
    Comments (251) | Send Message
     
    And not coincidentally Credit Suisse just inaugurated an ETN, GLDI.

     

    "... By issuing GLDI notes, the bank’s functionally long GLD puts -- a decidedly bearish position, though one with limited risk in the event of an upward spike in gold. That’s telling.

     

    The interests of Credit Suisse, to be sure, conflict with that of GLDI investors. That’s no secret. The bank’s disclosure documents explicitly warns [sic] buyers: “[T]he the [sic] economic interests of the calculation agent, index sponsor, and other affiliates of ours are potentially adverse to your interests as an investor in the GLDI ETNs.”

     

    http://bit.ly/136Zp2t
    21 Feb 2013, 07:41 AM Reply Like
  • Beta_Adjusted
    , contributor
    Comments (55) | Send Message
     
    It depends on the currency of course, and the sustainability of the 'risk-on' in financial markets. Against the $, it does seem the trend is down for now; however, whatever the FED says, there will be a lot more QE to come as debt piles need to be inflated away across the developing world. Selective equity exposure is generally a good idea (short of cataclysmic global collapse, which may seem less likely in the short-term, however medium term the same challenges remain: too much debt, geopolitical strains from unfettered capital flows, growing wealth divides in developed economies, energy security and supply, declining arable land and associated problems associated with higher energy prices (will globalization even make sense any more with high shipping costs?). You just need to look at the GBP and yen however: risk-on means those currencies have been hammered down along with gold (of course there is also the prospect of a lot of QE in both economies). Long USD has been a good trade so far this year and that looks likely to continue.
    21 Feb 2013, 07:55 AM Reply Like
  • tr4head
    , contributor
    Comments (330) | Send Message
     
    Beta - Agree with everything but the long dollar. How can this be justified when we have more per capita debt than Greece?
    21 Feb 2013, 08:33 AM Reply Like
  • ddearborn
    , contributor
    Comments (124) | Send Message
     
    Hmmm

     

    The minute Germany Demanded it's gold back from the FED you knew gold was going to be driven down, way down. Take a look at the gold premarket almost every day for the last week . Prior to the open every day ( a period by the way the average investors can NOT trade) huge volumes of paper is being dumped and the price is driven down. This is another example of the sytematic take down of gold. People the precious metals market has been rigged for at least a decade. Take a look at the way national banks buy and sell gold. The world was whitness to the wholesale liquidation of gold by State owned banks when gold was UNDER $300. And they waited until gold has risen nearly 600% to buy it back. All those PHD's working for all those governments and the best they can come up with for a gold strategy is sell everthing at the bottom. And then wait 10 years until the market tops and then buy it all back? Really come on people. The FED ordered gold to be crushed because the FED DOES NOT HAVE GERMANY'S GOLD AND NEEDS TO BUY GOLD ON THE OPEN MARKET. The FED will start buying when gold drops below $1300. Bear in mind that Gold is valued in dollars and the dollar has actually lost 2/3's of its value over the last decade. The FED is just another front for the international crime syndicate that masquerades as a "Federal" Banking institution. This is a coverup operation. The real question that no one is asking is who got to buy all that gold when the state banks were selling at $300 an ounce and the FED was giving it away at the same prices? If you can figure out who got all that gold you will have found out who the criminals are.
    21 Feb 2013, 08:35 AM Reply Like
  • pipopipo
    , contributor
    Comments (38) | Send Message
     
    "FED DOES NOT HAVE GERMANY'S GOLD AND NEEDS TO BUY GOLD ON THE OPEN MARKET" , Hilarious!
    21 Feb 2013, 12:52 PM Reply Like
  • CassandraSees
    , contributor
    Comments (264) | Send Message
     
    Germany wanted to audit the vault and was denied access

     

    Then they were shown a vault of bars but no can touch

     

    Why? Is the gold bar a fake?
    21 Feb 2013, 08:51 AM Reply Like
  • whaddyamean?
    , contributor
    Comments (514) | Send Message
     
    Oh, goody. Another conspiracy theory.

     

    Why not simply buy Krugerrands and hide them under your mattress (if you also don't trust banks)?

     

    Waitaminute -OMG, maybe there are fake Krugerrands out there, too!

     

    It never ends.
    21 Feb 2013, 01:54 PM Reply Like
  • CassandraSees
    , contributor
    Comments (264) | Send Message
     
    Yep and I guess I have lots of company
    http://bit.ly/VzGOId
    21 Feb 2013, 09:40 PM Reply Like
  • timaz55
    , contributor
    Comments (24) | Send Message
     
    gold price.no one knows.but the debt?
    21 Feb 2013, 08:16 PM Reply Like
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