Gold News: Goldman Sachs Sticks to Its Bearish Call on Gold
Gold News
Goldman Sachs expects gold prices to drop by the end of 2014 even though it is currently up by more than 8% for the year. According to Jeffrey Currie, Goldman Sachs’ global commodities research head, “Gold will start moving lower once there is more confidence in the recovery, without significant inflationary concerns.” He expects bullion to drop to $1,050 by the end of 2014.
Many other experts also share this point of view, for instance Société Générale analysts have written a note on Friday saying that “Looking ahead, we believe that gold’s current shine is unlikely to last and the downtrend, which started in 2013, is likely to resume as we move into the second half of the year.”
Gold investors are also closely following geopolitical developments in Iraq and in Ukraine, as gold is considered a safe haven in time of uncertainty.
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