This page has been archived and commenting is disabled.
Goldman Doubles Down Its Hate On The Best Performing Asset Of 2014: Gold
As gold completes its golden cross today and remains by far the best-performing asset of 2014, we thought it intriguing that Goldman Sachs' commodity group would issue a strong "sell your gold" recommendation... of course, when Goldman's clients are selling, who is buying? As a reminder, the last time the bank was extremely bearish on gold (about a year ago), our skepticism at the time was well warranted as Goldman was in fact the largest buyer of gold in the following quarter.
Via Goldman Sachs' Damien Courvalin,
Cold, Crimea & China: Transient supports to gold prices
The 2014 gold rally brought prices to their highest level since September before a more hawkish-than-expected March FOMC pushed prices sharply lower. Three distinct and in our view transient catalysts have driven this rally: (1) a sharp slowdown in US economic activity which we believe was weather driven, (2) high Chinese credit concerns, although ultimately bearish for gold demand through lower financing deals if realized, and (3) escalating tensions over Ukraine. While further escalation in tensions could support gold prices, we expect a sequential acceleration in both US and Chinese activity, and hence for gold prices to decline, although it may take several weeks to lift uncertainty around this acceleration. Importantly, it would require a significant sustained slowdown in US growth for us to revisit our expectation for lower US gold prices over the next two years.
Re-acceleration in US activity will push gold prices lower
While we see clear catalysts for the recent rally in gold prices, this move has been large relative to US real rates which are a key input into our forecasts and benchmarking of gold prices. As a result, we see potential for a meaningful decline in gold prices towards the level implied by 10-year TIPS yields, which our rates strategists expect to rise further this year, and reiterate our year-end $1,050/toz gold price forecast. More broadly, we believe that with tapering of the Fed’s QE, US economic releases are back the decline in gold prices will likely be data dependent, in contrast to our 2013 bearish gold view which was driven by the disconnect between stretched long gold speculative positioning and stabilizing US growth.
Indian and Chinese gold demand unlikely to surprise to the upside
Weak Indian gold imports and surging Chinese imports were the most important shifts in EM gold demand last year, although these trade statistics likely overestimated shifts in local gold demand given reported gold smuggling into India and the use of gold in Chinese financing deals. While we see potential for these shifts to reverse in 2014, we estimate the net impact will not be meaningful to our gold outlook as: (1) India’s potential easing of gold import tariffs will likely remain modest given how much lower gold imports have contributed to its improved trade balance, (2) we expect a gradual unwind of gold backed financing deals.
Full note below:
- 18063 reads
- Printer-friendly version
- Send to friend
- advertisements -



Gold bit chez!
They don't call them GOLDman for nothing.
Gold saying sell means Goldman wants to buy, for itself.
Sacs 'o GOLD, MAN!
Hello, im Kermit the (gold) bear.
Kermit, would you like a latte? You are clearly in need of a gold colonoscopy. Wait there, one of our interns will be with you presently.
Goldman is grateful for muppet myopia.
Fuck those motherfuckers and the horse they rode in on!
Goldman Sachs can say whatever they want about gold, but I decline to read their stuff.
As long as Peru continues to grow its production (maybe not in the short-term, alas), then I´m OK. I hope to break this Peruvian gold production info down to a more granular level soon. FWTW!
http://tinyurl.com/9hlvzdx
DoChen, let's get a couple of backhoes and start our own mining biz. I know a guy who can get us a good desl on bearings. ;-)
There could be great danger in digging up gold, especially if it used to belong to someone else:
https://bitcointalk.org/index.php?topic=521703.20
(a parody thread, look for smart-aleck OROBTC´s comment)
Thanks to Goldie for the buying op.
I gues old man Goldman had better change his name.
To something like Conman, Fiatman, Janusman, OpusDeiMan, Paperman...
Nice to see you fonestar.
Does this mean you buy Gold with some of your Bitcoin?
Eh, fonestar is always buyin' & sellin' gold, silver, coins, guns, ammo, gear, Bitcoins and more. Point is he never goes broke in any of those catagories.
But...but...but FoneyStar...how do you get time to do ALL this AND troll on ZH 24/7?
And why do you troll for a few bucks an hour, if you have all these assets? Should you not be by the pool with your bitchez n coke?!?
Or are you truly a Foney, my little Foneystar? Come, you can tell us..we won't judge you.
We know you were wrenched from the teat to young, hence your overweaning desire for our approval.
We will love you for who you are...just let us in...huh?:O(
Let me help you with that. He has all of two guns and a knive and he was born in 1978. Here he is straight from the basement: http://www.youtube.com/watch?v=jLXgw0rBkIA
You don't even have a decent .gif file.
and you sir.... are a broke douche...
The total douchetardliness of fonestar is well established and we are not here to debate the obvious. The point is
BUY BITCOIN!!!
You are apart of the menagerie typical of trailer park trash. Bit coin is meaningless and worthless. Its mere existance is to give the weak and feable, like yourself, hope that one day... you will amount to something...
Ooo you guy!
If you had a website fonestar might go on IRC and tell everyone to point their Low Orbit Ion Cannon at you and fire away!
Chat away hoe.... I'll keep my eye out for the laser beam.... ROLMFAO!
Could this be the "real" foneystar?..... straight off his alias youtube page...
https://www.youtube.com/watch?v=_2LKfR_IQIQ&list=UUDGx8Bf8vC3k1akownd3phw
No, that's Anthony (he's like 12 yrs younger than fonestar's PAL). But fonestar has subscribed to him and is in contact with him. Anthony is a smart young homo sapien.
Fonestar DOB: 11-21-1978.... ?
fonestar has contributed thousands of thoughtful, poignant articles to the Zerohedge community. You have contributed what exactly?
well that's a stretch
I'll believe your devotion to the mighty Satoshi when you have the Bitcoin logo painted on your face at the Superbowl.
Candyman candyman candyman
Noo!!!
fonestar has been unmasked! Must stop trolling Zerohead blog! OPSEC broken!
Disengage! Disengage!
I don't have a .gif file at all. Mine is a .jpg file Einstein.
Maybe in that case it's time to upgrade that 4 megapixel camera made in 2002? But fonestar is down with the Super Mario block look.
Very pixel. Much retro. So wow.
This is the holy grail of doucheism!!!! Foneystar.... you have got to be the most pethetic person anyone has every seen.
Ah, compliments of the kiddy-diddling bond investor sir!
Oh but Foneystar.....you forgot to add carrera gt driving and house in hamptons old school trader. Funny... I made most of my money on the short side of markets... and if I could short YOU.... then I would really be rich.
@ Frenzic. Oh shit, you found the real fonestar, same avatar and all!
fonestar in your coffee. fonestar in your soup.
Yes everyone know that you stick your little pecker in the coffee and soup at the starbucks you work at....
Except for the obsessive bitcoin trolling, he doesn't seem like a bad dude.
The very name fonestar.... (translated from ancient Chumbawaylan), "as in the basement, so too in the hard light of Satoshi"
Chumbawamba is easily enraged, so tread lightly in Chumbawambalia™.
(Although today it might be Chumbawambastan)
Or, for that matter, in ZH Chat when he´s there, (he says he´s Emperor of ZH Chat, but clearly his writ runs out south of the border (so I am out of his jurisdiction for now) and likely you too, being north of it up there in Canada and all).
I'm a loner, alone with neuroses and hate
Anger is a permanent character trait
My letter bombs are primed and they're ready to send
Would you like to add me as a friend?
I'm a wound-up whiner with a fetish for guns
I'm almost 50 and I live with my Mum
I hope my nude picture doesn't offend
Would you like to add me as a friend?
https://www.youtube.com/watch?v=d2TuohSsw4k
Don't involve me in your sad gimmickry, you fag.
I am Chumbawamba.
Oh you anti-fag, fag supporting band, LBGT listening faggy fag.
You are not Chumbawamba.
Chumbawamba playing at Gay Pride Day in San Francisco:
http://www.mtv.com/news/articles/400140/chumbawamba-salute-gay-pride-day...
Are you sure you are Chumbawamba?
The lawsuit is pending.
I am Chumbawamba.
That will be an interesting lawsuit. Please keep us informed.
I myself am a bearing buyer and gold stacker.
Diversity, fishez!
That's right... and now try fonstar lite with 30% less cryptose!
Why are you still doing this to yourself? Bitcoin jumped the shark as soon as "Satoshi" was outed and then denied all involvement. No one cares anymore.
Do your handlers' masters not know how open source software works? Now that the source code is out there, as soon as the need arises, a cryptocurrency that improves on the (intentional) inherent flaws and weaknesses of Bitcoin will be developed by some 16 year old kid in his bedroom, one that is actually anonymous and untrackable.
You fags are done, okay? Stop tarding up the comments with your wankerisms. I repeat: no one cares.
Go away.
I am Chumbawamba.
Like many anarcho-librarians, fonestar has a lot of time on his hands.
"librarians" ?!?!
I like that, + 1
(Sometimes Bearing Guys have some time on their hands too)
Yes, the anarcho-librarians are coming and the dewey decimal system is doomed!
"donechooknOWTHEDEWEYDECIMALSISTUM?"
Mr. 3rd person < PhoneStar> the Dewey Decimal System, is how your BIT<> Chits were conceived of in the first place!
A whole lot of people have time on their hands these days, thanks to the zombie economy.
Yo! I have time on my hands because I don´t want to work. "Work" is a four-letter word ´round here, pal...
What zombie economy?
Anarchist librarians never put the books back in the right order.
Perhaps that would be part of their charm (the female ones)! Might have to ask their help to find, erm, whatever you´re looking for back there in the stacks...
never say never kid
Abesolute great find frenzic..... I should have searched out his name a long time ago... What a POS.
The peoplez at cnbc.com and the IT staff there are not real big fans of fonestar either.
oh noes - fonestar exposed
comments:
"He is feeding all the trolls ("zeroheads") there without losing energy and enthusiasm"
.
.
"FoneStar is the troll"
https://bitcointalk.org/index.php?topic=470593.0
"When the derps over at Zerohedge start upvoting Fonestar, sentiment may have flipped. Water still safe for Bitcoin bulls – BrotherJohnF"
http://www.thebitcoinchannel.com/archives/33428
no goldman will go digital - litecoin
Way to start a thread, nothread.
I'm confused.
And when I'm confused I gravitate to the safest assets about.
QED
Are we being Tom Stop-lered, here?
´fraid so, nine-year loser! :)
Don´t go to G-S for ANY gold, even the "schaegler" kind...
what "the psychos" meant to say was "sell tin."
http://seekingalpha.com/symbol/JJT
down seven percent today.
be interesting to know "on what news."
here's the GDX
http://seekingalpha.com/symbol/GDX?source=search_general&s=gdx
"that ain't pretty." 28 to 26 in just a few days is down ten percent in my book.
if we're heading to "24" (so to speak) then that would be a bear market in the mining space.
http://www.youtube.com/watch?v=kZRKjY9NijY
http://www.youtube.com/watch?v=IvnHgKkNKR4
Reputation is gone. Respect is lost. Acumen is no where to be found. Revenue relies on corruption, misleading information, lying, and scalping your fellow citizen.
All traits of the devil, actually. Any wonder they're all "rich"? lmao
"Sell gold at $1,335"
- Goldman Sachs, March 21, 2014
"Sell gold at $133,500"
DoChenRollingBearing, March 21, 2014
(Timid souls feel free to sell at $13,350, though you may be sorry...)
The first rule of physical gold ownership is not to sell for $ FRN dollars
A fiat money bank bashing gold...who woulda thunk it?
GS and Gold; reminds me of Jay Carney and "don't buy Russian stocks".
Gold and Russia are on my list of tangible non-bullshit assets.
Gold gets the cold shoulder from Coldman Sachs
i'm beginning to see QE the same as K-Y.
when they run out of lube you will begin to feel the ass rape.
I was just thinking xau looks like a decent buy. It's been tracking the 200h-4 line nicely. The 38.2% retrace of the [1393.00-1179.00] move looks well supported @ 1311.50 area.
Dude...there ya go agin with the Technicals.
Technicals only work when there is a market.
There are no markets...only the Fed.
Did ya not get the memo?
Duuuurh!
I see where you're coming from. I don't dispute your suggestions. Shorter time frames tend to be more technical.
I'll be buying some gold next week. (and silver) Save the childish remarks please?
Actually technicals work wonders to expose the mechanics & goals of manipulation but you can't misapply them. If there's no applicable use of a moving average, or if you just cherry-pick a date&price endpoint or both for a Fibonacci retrace it means nothing. Nothing at all. The analysis becomes arbitrary arguing points with meaningless pictures instead of something that could pass any back-testing for prediction... anywhere.
Have those retards checked the CRB Food Index? CRB Food Index and Silver behave like siamese twins. One can not move without the other feeling it.
The pink slime index?
Muppets getting stopler'd once again.
Do as they do, not as they say.......
How fast was that Muppet running into that wall ?
I can't seem to find my gold to sell it.Tragically I lost it in an accident.
It pains me, it really does, to hear about people losing their gold in accidents. My sincere condolences. Keep looking for it, but I doubt you´ll find it. Tragic. Almost Shakespearean.
I want to meet the person(s) that hunted and mounted Kermit!
He's one bad assed mofo! Big Bird, Cookie Monster, Ernie & Bert, Miss Piggy ect.. have all tried to extract Kermits head.
Probably Uncle Lloyd, needed a 12 gauge to kill a frog.
Can you imagine the participants of that hunting party?
Hey DCRB, is it possible to make gold and silver bearings that are copper jacketed?
Ehhh, probably! When I was in Korea in 2012 visiting our bearing supplier KBC, we went to their QC lab, which had a LOT of nice expensive toys to play with (electron microscopes, all kinds of cool stuff). One machine was used to coat certain components with gold and silver to check for something (maybe diversion of electricity, maybe of heat, maybe making the surfaces more slippery, I dunno...). I was impressed, but I was really impressed overrall by the Korean bearing plants.
***
If there was really powerful ammo propellant out there (hey, ZH-ers who know gunpowders! Need your help here!), then I would make my bullets out of tungsten. You know, when it really positively has to go through anything!
You're awesome DCRB. Keep stacking!
Take delivery, nothing else matters or changes otherwise. I smell blood in the water...
Couldn't agree moar LoP. You can however, take paper profits, and convert to physical at your local coin dealer or internet clearing house.
there is so much eveidence of how especially the phony paper price of Silver is manipulated but if u want to see something that just makes u laugh look at the closing price and patterns over the last 2 days...then tell me given all the shit thats happened over the last 2 days how in the fuck is it possible that it could close at exactly the same fucking price...
http://www.kitco.com/charts/livesilver.html
and again notice the resistance and the times the price is fucked with..
"meaningful decline in gold prices towards the level implied by 10-year TIPS yields, which our rates strategists expect to rise further this year, and reiterate our year-end $1,050/toz gold price forecast..."
Usually, tip yield reflects on inflation rate and the ishare tip correlated wrt gld is shown below for your judgement.
http://stockcharts.com/h-sc/ui?s=TIP&p=D&yr=0&mn=9&dy=0&id=p85828292715
I'd be nice if when one opens up the full ZH article to get a bigger picture of the headlines page avatar.
Goldman is too early; Gold has just recently touched a temporary bottom and returned to the way up to about 1355 . Why don't they wait until gold has reached the next bottom at around 1290 some days later?
Cause those are their next fortnight of no-loss trading days?
OOPS they missed a disclosure. We will at any time that suits us prostitute what remains of our tattered reputation and sell you down the river
gold , gold man, sachs , sack, gold , goldman, sachs , sack, kinda rhimes no?
paper...not phyzz. Let paper gold sell off...let it fucking collapse. I got the truck warmed up and ready to load up on cheap phyzz (if it can be found and if the dealers don't jam the premiums way up to compensate, right???).
See, that's the kicker...TPTB can smash the paper prices, thus affecting supply of phyzz and driving up premiums and delivery times while us stackers jump out there to scoop up the phyzz...
But I'll still take their criminal manipulation to the down-side every chance I can get. Right now us stackers are just a fractional percentage of people in America buying phyzz. The sheeple herd hasn't caught wind of the danger looming yet and so the stampede into phyzz for them won't begin for probabaly quite a while still.
Keep stacking now, especially during these continued paper beat-downs and capping. Cuz when the SHTF and the stampede starts we're going to want to be very far away from the unfortunate ones who will be fighting over any phyzz they can find.
And values in terms of ounces will fucking skyrocket.
Silver/Gold ratio will plummet eventually, and that's when to try and swap cheap silver we got now for hefty ounces of gold phyzz.
oh, and by the way...have you all started studying up on "Ripple" yet?
just sayin'...
have a kick ass weekend, stackers! Hope Sunday is a blood bath and we can pick up some sub-20 silver phyzz on Monday!!!
BRING IT!!! :-)
FOFOA first mentioned (far as I know), that when the sleeping herd starts to want to buy, the Sellers of physical gold will not sell...
BANG!
only one problem i see here.
confiscation. like FDR did once before. read Currency Wars by James Rickards - very timely.
its hard to fight when they make the rules.
we can all end the manipulation and games if those of us who believes gold has been manipulated simply sell float scams like amazon and buy gold or the gld with the proceeds. there are trillions of dollars of "growth" stocks in a epic bubble. GS which owns the Fed wants your gold. Instead, use the bubble in Amazon and elsewhere to exchange funny money in unlimited quantities to buy gold. If we all exchange AMZN alone for GLD (rather than futures because GS can only short a max of $35B before the entire world knows how crooked it is), GS is screwed. Help take control back....
Poetic Justice?... on "The Street" As the Head Muppet in Charge Kermit the Frog "Rings the bell at the Top". You can't make this shit up.
5 years and Trillions of dollars spent rigging the markets to "restore confidence" in the great con game. Ding Ding Ding, transfer of wealth complete.
For years every "crisis" that came down the pike was good for another fraudulent S&P spike.Come hell or high water "The Market" went up, overnight rallies made the bears give up. Then one day at the start of spring the bulls gave the signal Ding Ding Ding. They brought in the Frog to ring the bell, this "market's" a joke, now its going to hell.