NEW YORK–Goldman Sachs Group Inc. GS +0.58% on Tuesday closed its recommendation to “short” gold, telling clients to exit bets on lower gold prices.
The bank had told its clients to bet on lower gold prices April 10, slashing its short- and long-term gold forecasts as prices dangled above bear-market territory at $1,588.30 an ounce.
At the time, analysts Damien Courvalin and Jeffrey Currie told clients that “should our expectation for lower gold prices continue to prove correct, the fall in prices could end up being faster and larger than our forecast.”
Joe Terranova‏@terranovajoe2 min
$GS on Gold “We have closed our recommendation to short COMEX Gold, as prices
moved above the stop at $1,400/toz.”
After getting its butt kicked last week, gold is bouncing back a bit.
It’s up over 2% today, surging to above $1430/oz.
At one point last week it was in the low $1300s.
Russian Market‏@russian_market17 min
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