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More on Goldman's buy-the-dip short-term outlook for commodities: Crude oil is attractive...

More on Goldman's buy-the-dip short-term outlook for commodities: Crude oil is attractive because of emerging-market demand, limited OPEC spare capacity and relatively low global inventories. Brent futures should continue to show backwardation, and "substantial pipeline de-bottlenecking" in North America should support WTI prices. Gold is another story: It's a flat-out short, with prices rising before falling.
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Comments (4)
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    WTI had a choppy session today, but ended above 92. The chart looks like it has some strength, but it also could follow the pattern we saw last April, which led to a 2-month downslide.
    Oil equity names have not followed the commodity futures on the recent multi-week lower - E&P and services equity indexes have hit new highs. Refiners have moved lower today, but on technicalities due to ethanol mandates.

     

    GS has a record of calling for buy-ins at the wrong times, perhaps this another one of them. I just don't trust their calls. Look at the charts, price action and make a decision for yourself.
    11 Mar 2013, 05:54 PM Reply Like
  • Barneyiknow
    , contributor
    Comments (40) | Send Message
     
    I have no doubt this GS buy the dip recommendation is in support of of a large customer who wants to sell a large position.
    11 Mar 2013, 06:02 PM Reply Like
  • Japhro
    , contributor
    Comments (10) | Send Message
     
    Goldman called for Gold at $1950 before it dropped heavily. Now they say sell because they want yours
    12 Mar 2013, 06:58 AM Reply Like
  • clsturge38@verizon.net
    , contributor
    Comments (2) | Send Message
     
    Gold stocks have a nice RSI divergence bottom as does silver so you would be shorting into Goldman's accumulation. Muppets beware, they're coming for you again.
    12 Mar 2013, 06:59 AM Reply Like
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