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.