Goldman Tells Its "Special" Clients To Sell Gold Even As It Raises Its Price Target On The Shiny Metal

Tyler Durden's picture

A week ago Goldman raised its price target on gold to $1,300/ounce, an action which judging by the firm's historical record of putting its clients' interest in its rightful last place, led us to be skeptical: "The report will likely result in a brief pop in spot as the idiot money rushes into the latest Goldman trap. Alas, it
also means that GS is now offloading. Be very wary of market dynamics
over the next month." Today we realize our skepticism was perfectly justified: in the latest Perspectives from Goldman Sachs Asset Management (intended FOR BROKER-DEALER, FINANCIAL INSTITUTION, OR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR DISTRIBUTION TO CLIENTS OR THE GENERAL PUBLIC), in addition to summarizing all the other recent actions presented by the firm's key departments, way in the back, in very small print when discussing commodities, the letter author notes: "Shifted our stance on gold after years of being long; see gold as vulnerable to Central Bank inactivity in the face of rising deflation risk." Once again, those who bet that Goldman does precisely the opposite of what it tells clients to do, win.

Page 1

Page 2

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
schoolsout's picture

I just sold it all....phew!

scratch_and_sniff's picture

There you go...either that was a Goldman plant, intended for certain websites, or it really is the case that Goldman is shafting the only clients that could matter to them. Whatever the case, after today’s bidding it's evident that Goldman doesn’t have a scoobydoo...and when you can put out two opposite views, you are always going to be right. Is this how they achive their eminence?

kato's picture

too many/so many different voices coming out of goldman sachs. why isn't abby out to pasture?'s picture

yeah she is R E A L L Y   ready for the pasture. damn GS is stubborn.'s picture

funny story. guess i have to own it if i tell it. truth though. my (then) girlfriend told me her "NEW" 2nd husband worked for Goldman Sachs. i could only reply with "R E A L L Y". i had no fing idea who goldman sacks was. and this was just 3 years ago. damn dumb girl.'s picture

while we are at it with this couple. went over to help my (then) girlfriend cause she just had elective hip surgery, you know to keep skiing the dumb moguls. watching U S Open, tennis style. andy roddick had yet again another idiodic outfit on. i keep saying he looks like a fing republican. he says, "kathy i am a republican and you offend me". guess what, got kicked out of their mansion and told never to call or come back. this situation happened a lot through out my career of being a really  B I G  m o u t h person. probably really didn't want them as friends any way.'s picture

guess what i didn't know the definition of miscreant, til you came into my life.

bonddude's picture

If they're dumping gold they're dumping stocks...

and going long the 30 year. wooohoooo !

Turd Ferguson's picture

You know, that's almost fucking criminal.

The Squid tells one group of clients one story and another group the opposite. Utterly fucking amazing that they can continue to get away with this.

Quintus's picture

They'll just say it proves how effective the chinese walls between different teams are.

Turd Ferguson's picture

Yah, I know, but that's bullshit.

How is this different from the football-picking shills on the radio and TV. They give everyone east of the Mississippi "Notre Dame" and give everyone west of the Mississippi "USC". They then call back the winning half the next week offering "premium services" for their great picks. Its all just a big con game.

But oh, that's right, Wall St is just a big con game, too.

Careless Whisper's picture

Goldie screwing someone to make a buck?


"I could not help myself. It is my nature."

william the bastard's picture

The old CDO switcheroo play! It worked before.

VWbug's picture

when you play poker, do you tell everyone what your hand is?


Cognitive Dissonance's picture

Yes I do.......when its strip poker.

akak's picture

when you play poker, do you tell everyone what your hand is?

No, but neither do I mislead the other players, nor lie outright to them. 

But I am glad that you see the similarities between Wall Street today, in which many millions of people still have their life and retirement savings invested, and a card game historically known to attract cheaters, card sharks and lowlife scum of the worst kind.

VWbug's picture

first, want to play poker?

ever hear of bluffing?

Second, if you did not realize that traders are speculators, playing their hands the best they can, you really shouldn't be investing at all. maybe leave it to a pro.

That's why I loved my old job so much, and why i do it today for myself, getting paid to play poker has to be the best gig of all (since i can't play a guitar)


akak's picture

Bluffing is utterly not the same as willful and blatant LYING!

Ever hear of a "poker face"?  The essence of it is the withholding of information --- not the dishonest fabrication of information, nor the dissemination of patently untrue information.

But nice to see you standing behind the immoral, slimeball practices of Goldman Sucks.

VWbug's picture

you really aren't well equipped to deal with the real world are you?

well you go ahead and pretend that traders have an obligation to tell anyone ANYTHING about their positions, and we'll go along making money off you poor fools.

BTW, Goldman Sachs is a corporation, not a living organism, and as such is neither moral nor immoral, although certain individuals that work for it might be.

Cursing Goldman Sachs is like me cursing 'trucks', although a better analogy might be cursing any group of people based on skin colour, for example.

Collectivist nonsense.

akak's picture

To argue that Goldman Sachs, or any corporation, is not a functioning entity within the economy, and that such entities do not have a collective culture and are blameless in anything and everything they do, and cannot be held accountable for their collective actions, belies the firmness of your own grasp on reality.

VWbug's picture

where did i say goldman is not a functioning entity?

I said it is a legal construct, NOT a person. It does not have feelings, emotions or thoughts.

The people running it do, and they may or may not be heroes, criminals or anything in between.

But to get angry at a non animate object is very strange behaviour, befitting a 2 year old.

Goldman is a collective just like 'blacks' are a collective, and to blame all for the sins of 1 is typical collectivist thinking.


MichaelG's picture

Pisspoor analogy. 'Blacks' are not a collective, and even if they were, accidents of birth would not be comparable to a decision to join a certain firm.

'No raindrop believes it caused the flood.'* GS effectively is a collective, one paying massive bonuses out of forced taxpayer largesse. It's entirely appropriate, therefore, to get angry at a "non animate object" (sic), when such has legal personhood.

I agree, though - they do what they are supposed to do (and they do it very well). That's the problem; that's the system - fortunately, the system is on its last legs. Unfortunately, that means we're all screwed, not just the inanimate objects which deserve it.

*I'll properly attribute both this quote and my particular source when I sober up.**

**Er, I think it was in 'Chasing Goldman Sachs' by Suzanne McGee (appropriately enough).

VWbug's picture

piss poor attempt at a rebuttal.

if you insist, lets change the analogy to those who join a religious faith.

so, lets blame all catholics for the crimes of one, or perhaps YOU will relate to this better, lets blame all jews for the crimes of one.

it's all collectivist thinking.


still kicking's picture

I love how evil deals in semantics.  Lawyers, politicians, banks and the devil all have that in common.  Winning arguments by twisting words and arguing fine definitions does not make you right it only means you win the argument.  When you are drug out in the street and sent to hell for your corruption by an angry mob I don't think God or your new master in hell will give 2 shits about your ability to argue and reason.  I may die in the shitstorm to come but it will be with the comfort that I wasn't some stupid dick smug with my ability to win an argument.

jakoye's picture

It's a bit disturbing the muderous fantasies of some of these ZH posters like yourself. You really just can't wait until people who DISAGREE WITH YOU ON THE INTERNET are dragged out into the streets and shot, huh?

You, sir, need help with your anger issues.

Hephasteus's picture

His anger seems to working fine. He's not overly bottling it up. He's not spilling it in unfocused direction. He seems to understand his anger fine. I think it's only an issue for the focal point of the anger.

still kicking's picture

man i wished I lived in a world where we never even figured out how to sharpen a stick to hurt another person.  If anything I figure my stupid ass will be the one drug out and shot for standing up for what I believe in.  I am simply tired of peoples bullshit.  The sad thing is they KNOW they are full of shit, but that doesn't stop them.  Please don't lump me in with muderous fantasizers, the truth is as much as I can't stand that piece of shit above me or people like him I would stand in front of the barrel of a gun before I let someone murder him, unfortunately it doesn't mean I could save him.

still kicking's picture

And yes I am VERY ANGRY, I have a 3 year old son that I will have to watch struggle through this world to come, and it won't be an easy or nice one.  So yeah, i am so pissed I can barely see straight, I want better for him and for your kids and everyone else's on here.

jakoye's picture

Okay, still kicking. Fair enough. I think I have a much better understanding of your perspective now. Thank you for the clarification.

VWbug's picture

in a couple of weeks here i have been subject to many lightly veiled death threats. Of course i know it is all childish internet threats by insecure, depressed people, but it is disappointing.

I came here looking for some interesting, new ideas to support my belief that the world economy is in big trouble, after decades of disastrous government meddling.

And i have found a bit of that.

But a lot of the participants are clearly racist (particular hatred for jews) and have no desire to improve anything.

They merely pray every day for disaster that will allow them to fulfil their madmax fantasies of getting to lynch and shoot people.

So far I have been so unconvinced by the irrational arguments and in fact ridiculous claims, I am starting to become a bull.

I am might even go long today for the first time in ages.


JLee2027's picture

go ahead and pretend that traders have an obligation to tell anyone ANYTHING about their positions, and we'll go along making money off you poor fools.

Front running isn't exacly ethical. Hope you sleep well at night.

VWbug's picture

people who front run don't get repeat business, one would have to be stupid to place orders with a firm that cheated you.

are you saying everyone but goldman is stupid?

I sleep amazingly well, thank you.

MsCreant's picture

So you are long GS? Saying you sleep well implies some kind of affiliation.

hbjork1's picture

Speculation has been going on for awhile.

And from what I have read elswhere, the games are actually cleaner than they once were.

VWbug's picture

no, not long gs, no affiliation whatsoever.

i have no idea what the front running comment was about...made little sense to me, but that's not unusal here. I just stated my opinion about it.

I am retired and trade with my own money, so no idea what the person was talking about.

So yes, i sleep very well, thanks.

I'm not even worried about all the posters here who want to kick in my door at 3 am and shoot or lynch me : )

still kicking's picture

I think that empirically proves you are one of the few in the world population that lack the ability to feel empathy.

jakoye's picture

The same empathy you showed when you said you'd be pleased to see him dragged out into the street and killed by a mob?

Hypocrite much?

still kicking's picture

Read more closely please.  I never wrote that I would be pleased with him drug out in a street and killed by a mob.  I may not be a fortune teller but throughout time that has been the general trend of what happens to people like him when things boil over.  And not to play into your game but if VW truly is evil then how would I empathize with that, where as I stated that he lacks empathy towards the innocent that are cheated even if it is due to their own ignorance?

VWbug's picture

I happen to think all the bailouts were totally immoral and unfairly stole form the poor to reward the rich.

But the anger should be aimed at the gov't that insisted upon it, not at the institutions that accepted it.

The companies that took the money merely did what they are supposed to do, protect their interests and those of their shareholders.

It may not be right, but the real criminals are the Obama administration and all those before them.

The relentless criticism of goldman leads me to question whether the motives of the critics are really to reform government policies, or just a hatred of the successful.

methinks 'tis the latter, and that's what i object too.

you all take it as some defence of all things goldman, as usual. Nuance is not your strong suit i guess.

still kicking's picture

I do agree that the politicians are at fault but which came first the chicken or the egg?  The politicians and policy makers are funded by those institutions and the politicians protect and support those institutions.  If you don't see that I really don't know how you don't.  It seems you've chosen to look at only one side of the coin if that's the case. 

PeterSchump's picture

Mr. Bug has just explained very simply to everyone as to why no one should be invested in anything that the Banksters have their hands in.  "Investing" has nothing to do with the allocation of capital for productive purposes.  "Investing" only exists for the enrichment of the Banksters.  So, Mr. Retail Investor, the Fed is jamming it down your throat by keeping interest rates artificially low for the last decade or so (no interest on bank deposits plus a depreciating dollar) while the Banksters have been slamming your behind with Ponzi (stocks) after Ponzi (real estate) after Ponzi (bonds?).  Message from your government to you: "F@ck You! Just pay your taxes and STFU!".

VWbug's picture

If you believe that everything is rigged against you, and more importantly, you are incapable of doing your own due diligence in determining a good investment from a bad one, then yes, I agree wholeheartedly with your assessment.

If you are dumb as a brick and rely on others to think for you, you are better off raising chickens.


akak's picture

And if you believe the major markets operate in an atmosphere of honesty, fairness, and transparency, in which the playing field is level and you as an individual are able to compete on an equal basis with TBTF, government-backed oligarchies such as Goldman Sachs, then I suggest that you dismount from your skittles-shitting unicorn and up your meds.

VWbug's picture

i am sorry you feel you are unable to compete with the very smart goldman traders and their colleagues.

maybe you should get them to manage your money?

I personally do my own due diligence, and buy companies, currencies and commodities I feel are good values.

I dream of some firm or person artificially forcing the price of one of my target investments lower, I would literally cry with joy if I was able to buy something I want at an artificially low price.

Yet all you supposed gold lovers scream blue murder when gold dips (and the price is in paper dollars yet, bizarre).

No wonder you can't compete. It does take clear thinking and a little brain work.