Bloomberg - blah blah, but more importantly Jeffrey Currie cops out on his $1050 gold call.
So back on December 3rd, I reminded Jeffrey Currie from Goldman Sachs that his call for $1050 gold by end 2014, reiterated several times, had not come to fruition.
What does he do? He runs over to Bloomie as fast as his little girl footsies can carry him, to beg for an interview so he can restate his call - but for end 2015 instead.
“The stronger U.S. economy and the ability for the Fed to be able to begin to pursue a less accommodative monetary policy are the real drivers of gold,” Goldman’s Currie said Dec. 9. “Gold will likely continue to slowly grind lower next year,” he said, reiterating a forecast for prices to drop to $1,050 in 12 months.Dear Debarati Roy at Bloomberg: when someone repeatedly makes a prediction within a set timeframe, and then it happens not to pass, and then he moves out his target date another 12 months, the word you are supposed to use is not "reiterate".
Terms that should be used instead include "obfuscates", "moves the goalposts", or the ever-popular "pulls out of his ass like every other bullshit prediction he's ever made".
So the question remains, Jeffy: why should we give any weight to your prediction for $1050 by end 2015? You predicted it for end 2014 and you got it wrong.
It's probably because you have no idea what actually moves the price of gold. I mean, if you did know, how could you have gotten your 2014 prediction so disastrously wrong?