Tuesday, October 8, 2013
Goldman Sachs calls gold a "slam-dunk sell"
Bloomberg - Goldman anal cyst calls gold a slam-dunk sell.
His idea is that after the government shutdown ends, downward pressure should resume on gold.
If so, then he should be shorting gold right now, not after he gets news of a shutdown end. After all, it's pretty fucking stupid to try to take a position after everyone else starts doing the same thing.
His argument is predicated on the Fed's bond-buying program being eased, which unfortunately can't happen now til December at the earliest, and might not start til 2014 if this government shutdown nonsense causes enough of a hit to the US economy.
And his argument says nothing about gold demand in China (see previous posts) or the bumper crop being harvested in India right now. Or anything happening anywhere in the rest of the world.
Cuz gold is America.
Thus, ignore Jeffrey Currie. He's short and he wants to telegraph it.