11 Responses to “Goldman Sachs Cuts 2014 Forecast For Gold to $1350”

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  1. Otis

    Surely Goldman Sachs is the smart money is it not? So they must be right. I wouldn’t go near gold.

  2. Pirooz

    Utter Baloney by Goldman Sachs! Gold $2000 here we come!

  3. jonathan davis

    I’m not bothered what those parasites say. I am bothered what you say and I am pleased my thinking fits with yours. US$ looks as if still on medium term rise which should put headwind into most risk assets. 2008?

  4. viola

    GS shorting Gold. could this have something to do with the short positions which are existing? what wonders me is that Ptarmignac got out of the mines and also sprott out of silver. do they know something I do not know??

  5. Farhad

    Hi Alessio, To what extent do you believe Goldman Sachs knows the market sentiment? I personally believe that big banks have a lot of stake in the price of gold. Goldman, JPM, HSBC you name it. It s rumored that big banks with the help of US treasury, and Federal reserve. Would like to see the price of gold o go down, or at least not go up. Since that would damage the confidence in the dollar,and ultimately drive the interest rates up, and servicing the US Gov. debt would get very expensive. Then taxes would have to go up ( politicians try to avoid that option) , or they would have to print more money which would make matters worse.Big Banks have been shorting Gold, and silver. So may be they are spreading this idea so the public end up shorting the metals, this way they would not have spend more money in shorting more cause they are really hurting because of their short positions already. Now the price of gold could easily go down to $1350, only if people shy away from investing in them. But gold price could go down only so far as the cost of producing it. I have heard interviews by experts that the bottom line cost of producing one ounce of gold is about $1200 an ounce. That of Silver is $22 an ounce. I am ( like you suggested) trying not to get too attached to my bias favor in metals.But if anyone else has a website where I could find reliable info on market fundamentals of gold and silver, I would like to see that. I have rad and heard that a lot of mining companies can not show profit because price of gold and silver is so low, they can barely cover their costs. They have not shown much profit, and therefore low price for their shares.

  6. Vinny

    Goldman has been wrong many times in its yearly predictions, especially for Gold. I see 1530 as a great critical support. It would be awesome if it takes it out! Gold really hasnt had a nice correction like Silver so it would be nice if it pierced that support level

    V

  7. Evgenia

    Peter Schiff of Euro Pacific Capital: “Goldman obviously wants to buy more gold, so it needs to convince other to sell it to them,” Schiff said. “It also wants to buy low, so it needs sellers to drive down the price.”

  8. Farhad

    Hello Alessio,

    I would have certainly appreciated to hear your opinion about the link above I posted about minimum cost of producing Silver. Anybody out there who could find more info of this kind? About Gold? Again I hear it costs at least $1200 to produce an ounce of gold if that is true, There is no way Goldman prediction for 2015 could come true, unless there is deep deep recession causing labor costs going down, and maybe oil to go down. I doubt it. Mining companies are increasingly facing opposition from native people in south American countries. It cost more to buy the leaders in those countries to allow mining. On the other hand according to some charts (Kitco.com) for examples when you study fundamentals on Silver, you see China who used to be a net exporter of silver until 2006, started becoming a net importer of silver by 2008, 2009 , .. in 2010 they imported $3500 tons of Silver:

    http://www.bullionstreet.com/news/china-silver-imports-dip-sharply-in-october/434

    and

    http://www.commodityonline.com/news/china-silver-imports-hit-record-3500-tons-in-2010-36266-3-36267.html

    Also Some more info here in a pdf file.

    http://www.silverinstitute.org/site/wp-content/uploads/2011/07/chinasilverreport.pdf

    I hope some of you here can provide more data on the market fundamentals of silver, as well as gold. I am really surprised, how well Gs, JPM, and HSBC have managed to bash Gold and silver or so long since 2011. We need to pass this kind of info around so the general population can wake up earlier, rather than later.

  9. Jürg

    Usually GS talk their book and what they would like to see for them to take positions. So if they say a stock will go up, they usually are looking to get rid of this stock at higher prices and look for people proping it up, so the can sell their holdings to them. So re. Gold, we can see that GS wants to accumulate Gold around 1250 or so, probably they have even short positions, that they would want to cover soon as they expect Gold to head higher and want to accumulate.

  10. Teycir

    Goldman Sachs and the big banks, are powerfull, if they want gold to crash more, gold will crash more. So the question is are they short or do they want to buy low?